United States
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On Thursday Intesa Sanpaolo gave US FIG markets its first tier one trade since August and ABN Amro is set to price an AT1 sale next week. With markets looking healthy, more capital trades could follow later this month.
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The pace of new exchange traded fund launches has slowed since the markets’ recent swoon, but issuers are betting that investors will be coaxed by new offerings with hedged currency risks. -
The International Finance Corp (IFC) priced its second ever Islamic bond deal on Tuesday, a rare amortising sukuk and one of two SSA Islamic deals scheduled for September.
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CME Group will launch seven year and 20 year US dollar deliverable swap futures later this month, on September 28, adding to its suite of tenors for the contract.
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Calm returned to US large cap stocks this week, but implied volatility measures have remained higher than pre-spike averages as investors remain cautious ahead of the Federal Reserve’s meeting next week.
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Mizuho has hired Richard Thompson as co-head of US private placements.
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Intesa Sanpaolo will price a 10 year AT1 note this week, becoming the latest European bank to enter the capital market after ABN Amro announced its inaugural euro AT1 deal yesterday morning.
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The International Finance Corp (IFC) opened books on its second ever Islamic bond deal on Tuesday, a rare amortising sukuk and one of two SSA Islamic deals scheduled for September.
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Barclays began marketing a multi-tranche Samurai trade on Monday, as some FIG bankers claimed European banks were still baulking at the new issue premiums being offered by US visitors to the euro market.
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The release of non-farm payroll data in the US did not deter Goldman Sachs from entering the senior unsecured market on Friday, as it became the latest in a line of North American banks to issue euro floaters.
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Recent global volatility stemming from China’s stock market battles has prompted debate among credit traders about the potential impact of a US rate rise this month, and fears for the consequences should it be pushed back to a later date.
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As Lindorff's market-opening deal proved on Thursday, the European high yield market has a good chance of avoiding contagion from the wider swing away from risk in financial markets — but a comeback like the stunning rallies in January and July is unlikely.
