Americas

Industrial and Commercial Bank of China’s New York branch was forced to scrap a 10 year portion of a dual tranche bond on Monday because of a disagreement with investors over what it should pay. But all was not lost, as the issuer decided to make the most of the demand for the shorter tenor, taking home $1bn in the end, writes Addison Gong.

China Resources Pharmaceutical Group, Samsung BioLogics and ZTO Express all have investors clamouring to join their IPOs, as they look to raise a combined $5.2bn.

Chinese data firm GDS Holdings has opened its potential $270.2m US IPO, which is expected to replicate the strong interest received by other recent listings in the country from Mainland names.

State-owned Trinidadian power plant Trinidad Generation Unlimited (TGU) began meeting investors on Wednesday ahead of a planned bond debut.

Suriname’s claims to be turning around its public finances found traction with bond investors after the sovereign’s debut international bond was priced tighter than many market participants expected on Wednesday.

Wells Fargo took a rare decision to delay the launch of a dollar-denominated senior transaction this week, after S&P revised the bank’s ratings outlook to negative.

A group of banks and service providers, led by New York based start-up Axoni, have completed a test of blockchain technology and smart contracts to manage affirmations and post-trade lifecycle processing for over-the-counter equity swaps, building on similar work done earlier this year for credit derivatives.

ZTO Express and Samsung BioLogics are seeing bumper responses for their jumbo IPOs in the US and South Korea respectively, as bankers expect their bookbuilds to gain even more momentum.

Intercontinental Exchange (ICE) is weighing up whether to appeal a decision by the UK’s Competition and Markets Authority (CMA) that the exchange operator should sell its recent Trayport acquisition to preserve competition in wholesale energy trading.

The coming market rush to comply with margin rules on uncleared swaps will be a big challenge in itself, but regulators need to think hard about the unintended repo risks they are creating by requiring collateral building at breakneck speed.

The Argentine province of Santa Fe will begin a roadshow on Wednesday ahead of a much-anticipated international bond market debut.

Industrial and Commercial Bank of China’s New York branch decided to scrap a 10 year portion of a dual-trancher on Monday, as mismatch on pricing led to investors shunning the tenor in favour of a five year.