Wells Fargo Securities

US banks seemed to have been saved by the Brexit. Though profits fell at a handful, nearly all of the big hitters that have reported so far have beaten analyst expectations, thanks in large part to boosts in trading following the UK vote to leave the EU. That has spurred primary activity.

The sterling denominated FIG market awakened on Tuesday with news of the first deals since the UK’s vote to leave the EU on June 23.

The Michael Bloomberg-led working group is seeking to establish a RMB clearing hub in the US. Michael Knorr, head of payments and liquidity risk management at Wells Fargo, and a member of the group’s operating model options subcommittee, gave GlobalRMB his views on the challenges ahead.

Swedish car safety specialist Autoliv has refinanced a $1.1bn revolving credit facility, with two banks leaving and two joining the syndicate. Deals in the region have seen rival lenders increase their share of bookrunning volumes this year.

The Asian debt market has had a slow but steady stream of deals since the Brexit vote on June 23, but Bank of China blasted the issuance window wide open on Tuesday with a $3bn five tranche, multi-currency transaction — the region’s largest international green bond. Max Bower reports.

Bank of China has printed Asia’s largest green bond in a $3bn deal split between dollar, euro and CNH tranches. The landmark trade attracted strong investor demand and gave a much needed fillip to the dim sum bond market.

Bank of China is planning to issue a multi-currency international green bond, in what will be China’s second offshore financial green offering.

CP Pokphand, part of Thai firm Charoen Pokphand Group, has raised a $600m loan to repay outstanding debt.

State Bank of India has allocated its latest $500m borrowing, finding demand from eight new lenders during syndication.

The dollar market ended its record-breaking run of issuance this week as uncertainty around the outcome of the UK referendum vote caused buyers to take flight and spreads to widen.

Europe’s investment grade corporate bond market has almost caught up with last year’s volume, after a dire start to the year, but issuance in the next nine days is likely to be very quiet, leading up to the Brexit referendum on Thursday June 23.

Cott Corp, the US-Canadian drinks maker, on Thursday sold a €450m bond to support its buyout of Eden Springs of Switzerland.