United States
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Rolls-Royce this week injected some life into the primary US dollar bond market’s stuttering new issue engine with its first deal in 22 years. -
Electricité de France this week delivered a lesson in execution and timing as it hoovered up pent up demand for paper as corporate America skulked in earnings blackout amid perkier market conditions.
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Mixed fundamentals among US oil producers have caused the futures curve for WTI Crude to flatten, as spot prices rise.
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Goldman Sachs and Sumitomo Mitsui Trust Bank are set to start marketing SumitG, a bond backed by a portfolio of RMBS, but secured by claims against both institutions. Goldman will be hoping to avoid the fate of last year's Figsco issue, a note with a similar structure which never made it to market. Bill Thornhill reports.
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Brokers and traders scoured for signs of market appetite this week for new short term VIX options which began trading on Thursday.
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Futures markets are discounting the likelihood of a rate hike by the US Federal Reserve despite Chair Janet Yellen’s guidance, with traders playing wait-and-see along the yield curve.
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SumitG, a triple recourse programme sponsored and guaranteed by Goldman Sachs Group and Sumitomo Mitsui Trust Bank, will be backed at first entirely by senior tranches of European and Japanese RMBS. Over half of the collateral will be rated triple A, and none of the bonds are below A minus. Despite this the deal gets no rating benefit from the collateral pool.
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In the lead up to the commencement of trading for short-term VIX options on Thursday, brokers and traders are scouring for signs of market appetite for the new contracts.
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Size is still coming at a price for SSA borrowers, with European Investment Bank paying a slightly elevated new issue premium for a $4bn five year on Tuesday. Despite this, bankers said a second trade from Erste Abwicklungsanstalt confirmed the market is in robust health.
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With macro factors causing investors to expect the US Federal Reserve to delay rate hikes, the looming earnings announcement cycle has come into focus for volatility traders.
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After a year of solid performance, a spike in volatility across multiple asset classes helped some derivatives fund managers to put in a strong performance last month.
