Americas

There has been no relief rally in Colombian bonds after right winger Iván Duque eased to victory in Sunday’s presidential elections, as tricky boarder conditions outweigh the positives for the South American country.

BMC Software, the US IT firm, has revealed the loan leg of the funding for its leveraged buyout by KKR, a $4.4bn facility in dollars and euros. It is the first multi-billion leveraged loan deal for four weeks, after a battery of large offerings early in May.

The Commodity Futures Trading Commission on Monday settled with JP Morgan for $65m over charges that its traders had attempted to manipulate the dollar IsdaFix swap rate benchmark between 2007 and 2012.

Brazilian mining giant Vale has launched its third tender offer of the year, this time targeting the longer part of its dollar curve.

Chinese education firm Puxin popped on its first day of trading on the New York Stock Exchange last Friday, and has stayed strong since, after pricing its IPO at the bottom of the marketing range.

The Bank of England has released a new working paper on the impact of the leverage ratio for derivatives, arguing that the ratio had a “disincentivising effect” on client clearing for the period evaluated, confirming the views of many industry participants.

Developing markets investment bank Exotix Capital has continued its recent expansion and made three new hires to its global equity team.

JP Morgan and National Australia Bank exploited improving market conditions to print benchmark trades this week, as they jumped into the market before the Federal Reserve voted to hike rates.

The North American Development Bank (NADB) will hold meetings in Geneva and Zurich to discuss a debut Swiss franc green bond, as the possibilities for arbitrage grows for international SSAs.

HSBC showed the strength and depth of the dollar market this week, taking $3bn of new holding company level funding out of the market little more than a month after it had raised $6bn in the currency.

CPPIB Capital achieved a double whammy with its debut green bond this week, bringing the first international sale of a green bond by a pension fund that grew into the largest ever green bond in Canadian dollars.

Despite receiving one of the largest IMF bail-out packages in history, Lat Am bankers are sanguine on the outlook for Argentine DCM activity this year. They say this is as much to do with the broader weakness in emerging markets as it is to do with Argentina’s economic recovery.