Americas

The Alternative Reference Rates Committee, a US body committed to transitioning markets away from interbank offered rates, this week published a letter it had sent to financial regulators and supervisors, asking for clarity on how derivatives contracts referencing the benchmarks would be impacted by amendments crafted to deal with their discontinuation.

Standard & Poor’s has upgraded Central American development bank Cabei to A+ and left it on positive outlook, as the lender edges closer to its much-vaunted double A credit rating — a level at which it may return to the dollar benchmark market.

Citigroup was marketing a series of callable senior bonds in euros on Tuesday, leading the way for US bank debt sales in the currency after second quarter reporting began on Friday.

Chinese start-up Pinduoduo, a challenger to e-commerce giant Alibaba Group, has launched bookbuilding for an up to $1.63bn IPO of American Depository Shares.

Cango, a Chinese online marketplace for vehicle sales, has started bookbuilding for its $150m IPO on the New York Stock Exchange.

The Financial Stability Board (FSB) on Monday laid out a framework to oversee the financial stability risks posed by the cryptocurrency market. However, the body warned that some public data could be “manipulated” due to “prohibited practices such as wash trading, spoofing and pump and dump”.

Brazilian issuers continue to focus mostly on liability management rather than new debt raising as a combination of weak conditions and looming presidential elections makes timing new deals difficult.

Frontier markets specialists Exotix Capital has made four new appointments to its EM sales business, expanding its coverage in four different geographies.

Chinese firm Aurora Mobile, also known as Jiguang, has kicked off the roadshow for its up to $126m Nasdaq IPO.

Opera, the internet browser, is marketing its $115m Nasdaq IPO at a substantial discount to comparable web browsers in China and Russia.

Brazilian utility Cemig ended a three week hiatus in offshore Latin American bond issuance this week and was swiftly followed by the Dominican Republic as the two high yield borrowers raised a combined $1.8bn.

Chilean utility AES Gener will buy back $200m of old bonds after investors pledged to sell more than the maximum purchase amount that the company had set before the early bird deadline of July 11.