Americas

The latest $1.25bn underwritten loan for the UK’s Melrose may look like a Brexit-defying success. But in reality, the firm is a lender’s darling and this doesn’t necessarily mean the gates are open wide for all UK loans.

Regulators have failed to consider the data challenges of their plans to impose margin on uncleared swaps, threatening a “tidal wave of new documents”, said D2 Legal Technology, a consulting firm specialising in legal and regulatory data management.

The Chicago Board Options Exchange will start listing Monday-expiring ‘Weeklys’ options on the S&P 500 index from August, taking the number of SPX expiries it offers each week to three.

Data firms IHS and Markit completed their merger on Tuesday, after shareholders agreed terms for a deal worth $13bn in which bond, loan and derivative services are key areas of focus.

Nasdaq-listed China XD Plastics Co has launched a $180m two year financing into senior syndication via a single mandated lead arranger and bookrunner.

Argentine pulp and paper company Celulosa Argentina has announced initial price thoughts of 10% area for a $200m seven year non-call four senior unsecured bond as it eyes a debut cross-border transaction.

Brazilian industrial conglomerate Cosan followed the strategy of its compatriot Petrobras on Monday, tapping recently issued bonds after a strong response to a tender offer.

ISDA’s Determination Committee was in its third day of deliberation on Thursday over whether the Commonwealth of Puerto Rico has triggered a failure to pay credit event, following the island having suspended as much as $1bn of general obligation debt payments that it was scheduled to make on July 1.

US soft drinks and snacks group PepsiCo returned to the investment grade European bond market after a two year absence on Monday, clinching a very tight new issue premium.

Quantitative Brokers, a Manhattan based provider of agency algorithms for futures and fixed income markets, has added a new strategy that targets best execution around an instrument’s close or settlement price benchmark.

Latin American DCM bankers are hoping that Transelec’s blow-out bond issue on Thursday will encourage more investment grade issuers from the region to come to market, saying that deal’s success was in part down to the short supply of triple-B corporates in primary markets.

Compañía Latinoamericana de Infraestructura & Servicios (Clisa), the Argentine infrastructure group, will open books on a new seven year bond on Monday, according to a local filing.