Americas

Venezuelan state oil giant PDVSA (Petróleos de Venezuela) failed to make $539m of coupon payments on three bonds last week, activating the 30 day grace period on its 9% 2021s, 6% 2024s and 9.75% 2035s.

GTX, the institutional foreign exchange trading arm of GAIN Capital, has named a chief executive of its swaps execution facility.

Zimmer Biomet, the US orthopaedic reconstructive products producer, has mandated three banks to arrange its debut in the euro bond market, which may be a dual tranche transaction.

The Financial Stability Board made seven changes to its list of global systemically important banks (G-SIBs) on Monday, altering the levels of capital some large financial institutions will have to hold.

Santander Chile, which sent a strong message about its financing capabilities with two consecutive deals immediately after the US election result, will adapt to the Trump era with more international bond issuance, the bank’s CFO told GlobalCapital.

In this round-up, the Hong Kong Stock Exchange saw surges in trading of offshore RMB (CNH) futures, BMO became the first Canadian bank to become market maker for CAD-RMB direct trading, and the country of Djibouti is launching a Silk Road Bank. Plus a recap of GlobalRMB’s top stories this week.

Chinese biopharmaceutical company BeiGene has net $200m from a follow-on public offering of American Depositary Shares (ADSs).

The transition to a new IMF special drawing rights (SDR) basket, inclusive of the renminbi, is just the starting point for efforts by China and the IMF to see the basket take up a greater role as a global liquidity tool.

Senior Latin America DCM officials at some market-leading bookrunners said this week that they feared there would be no more dollar issuance from the region in 2016, although a couple of dissenting voices thought one or two issuers may “panic” and attempt to issue.

Central American development bank Cabei added a 20th currency to its bond issuance portfolio on Thursday with a 10 year debut in Australian dollars as niche currencies dominated the post-US election activity in Latin America.

Creditors of Central American sovereign Belize are understood to have formed a committee to deal with a possible second restructuring of the government’s bonds in four years.

Morgan Stanley led a trio of banks tapping the dollar market this week across the capital structure and exploiting the post-election spread tightening in the sector.