Americas

The burgeoning cryptocurrency market is facing new questions as a Commissioner at the US derivatives regulator asked what “actual delivery” of a digital currency meant, in the context of derivatives rules.

A decision not to take a rating from Moody’s proved wise for Braskem as the Brazilian company attracted significant interest from investment grade buyers on its way to a $1.75bn dual tranche deal on Wednesday.

Extraordinarily strong appetite for EM corporate paper helped power company Colbún become the latest Latin American borrower to issue through its existing curve on Wednesday.

Walt Disney joined the swell of blue chips entering the Maple market, selling C$1.25bn ($1bn) of seven year notes on Tuesday. And, as recent issues from AB InBev, Apple and McDonald's demonstrate, the Maple market is becoming a central pillar of corporate funding diversification.

Interdealer brokerage firm TP ICAP has made a number of hires in its Institutional Services division, the company announced on Wednesday. The division provides advice, sales and execution to clients like institutional asset managers and hedge funds.

The chief counsel to former Commissioner Sharon Bowen, Petal Walker, followed her boss on the way out of the Commodity Futures Trading Commission (CFTC) on Tuesday.

Brazil followed Mexico’s example in making the most of idyllic issuance conditions on Tuesday, though some investors argued that Brazil’s $3bn deal demonstrated that the market retained some sense of discipline.

Chinese micro-lender Qudian has launched bookbuilding for its IPO on the New York Stock Exchange, which could raise up to $825m, according to a banker close to the deal.

The Walt Disney Company is heading north for Canadian dollars, in its first public foray beyond the dollar market.

Latin America DCM bankers saw Mexico’s latest bond issue priced with a negative new issue premium on Monday, though at one stage it looked like the deal could have come even further inside fair value as the $1.88bn sale was launched at the middle of the guidance range.

Brazil’s Braskem could become the third Latin America chemicals company in two weeks to issue internationally as it meets fixed income investors on Monday and Tuesday.

Mexican chemicals company Cydsa brought back memories to many market participants with a 10 year bond issue last week, but had to up its offer to investors to haul the $330m deal over the line.