Americas

The news that the US is to receive a Rmb250bn investment quota has been greeted as a welcome, if long overdue, development. Plans are also underway to set up a renminbi clearing system in the US, but the challenge will be convincing the country’s corporates to use the currency.

A trio of issuers have lined up short end dollar deals for pricing on Wednesday. Some bankers said the focus on threes and fives was in response to poor US jobs data last week, although that view was not universal.

OpenDoor Trading has joined forces with Broadway Technology to speed up development of its trading platform for the US Treasury bond market.

The state of Illinois sank deeper into trouble over a budget impasse this week, with Moody's cutting the US state's credit rating while a key financial market figure told lawmakers that a proposed derivatives tax would only worsen problems rather than help solve them.

The Chicago Board Options Exchange is stepping up plans to expand outside of the US by opening its first international business development office in London in July.

Mexico is likely to become the first Latin America sovereign to issue a Samurai bond this week after tightening guidance on a three and five year deal.

Industrial conglomerate Cosan will be hoping market conditions do not turn against it for a third time after it launched a tender offer and announced investor meetings ahead of a possible new bond.

Power plants developer ContourGlobal is sounding investors for its first euro-denominated bond, just one week after Moody’s withdrew its rating due to a lack of information.

Markit, the financial information services firm, has hired an experienced banker to head up index research and development in New York.

Mexican real estate company Grupo GICSA is to meet investors this week ahead of a planned $300m debut 144A/Reg S unsecured bond issue.

The Province of Córboda sold $725m of five year bonds on Friday after tightening pricing by three eighths versus initial price thoughts, making it the tightest new issue from an Argentine province this year.

GlobalCapital is delighted to announce the winners of its Americas Derivatives Awards for 2016. The results were revealed at a gala dinner at New York’s Metropolitan Club on June 2. Thank you to everyone who supported the event by attending and for taking part in the pitches that decided who were the best and brightest in US, Canadian and Latin American derivatives over the last 12 months.