Americas

Barclays and UBS blitzed the US market on Wednesday in a series of trades aimed at boosting levels of total loss absorbing capacity (TLAC) eligible debt.

Lat Am bond bankers said Brazilian mining giant Vale had timed its second bond issue of the year to perfection, but the bond left investors happy too as it popped in the grey market on Wednesday.

Intercontinental Exchange restated its credit default swap credentials this week with ICE Swap, a newly launched trading platform for cleared credit default swaps, only days after it agreed to sell its Creditex hybrid voice broker credit derivatives business to Tullett Prebon.

HSBC’s troubled US business has turned a corner, with the bank now allowed to pay its first dividend from the American subsidiary to the parent since 2007. That draws a line under a decade of woe, which saw the bank brutally burned by its purchase of Household Mortgages, and spin-offs including the sale of its credit card business and many of its upstate NY branches.

The Province of Quebec (Aa2/A+/AA-) sold an A$80m ($61m) tap of its May 2026 Kanga bond on Wednesday.

CEEMEA is focused on one issuer this week, Ghana, as Latin America borrowers ignore the summer break.

Bancomext, the Mexican government development bank run by the country’s former public debt chief, Alejandro Díaz de León, will ready a subordinated bond issuance on Wednesday with investor meetings in five cities.

Chile’s national oil company Enap raised $700m of senior unsecured bonds on Tuesday as an attractive new issue concession tempted investors despite the company’s high leverage.

US federal agencies have agreed a final rule exempting some commercial and financial derivatives counterparties from having to pay margin on trades not cleared through a clearing house.

US coatings manufacturer Axalta priced its $875m dual currency offering on Tuesday as it brought this week’s second cross-border bond, at pre-Brexit pricing levels.

GlobalCapital is pleased to announce the preliminary shortlist of nominees for its Global Derivatives Awards 2016. Nominations are based upon market feedback and research conducted in recent months. Winners will be unveiled at a gala dinner in London in September.

Honduras-headquartered development bank Cabei (Central American Bank for Economic Integration) has issued its first ever green bond through a South African rand-denominated note sold to Japanese retail investors.