Americas
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The US state of Delaware is embarking on a blockchain and smart contract technology programme in the hope that this will lower transaction costs, speed up and automate manual processes, and reduce fraud. -
The International Swaps and Derivatives Association is moving to distance itself from the process by which credit derivatives disputes are resolved, having offered up to tender its secretarial role on the regional determinations committees (DCs).
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TriOptima, the over-the-counter post trade service provider, has teamed up with the Depository Trust & Clearing Corporation on reconciling data reported by Australian, Hong Kong and Singapore firms to the DTCC’s Global Trade Repository.
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Manulife US Real Estate Investment Trust started taking orders for its $470m Singapore IPO on Tuesday and is hoping to woo investors following a failed attempt at a listing last year.
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Argentine province Neuquén launched an exchange offer for its existing senior secured 2021s on Monday, the same it began a three day roadshow with fixed income investors ahead of a potential new 12 year deal backed by oil and gas royalties.
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Colombian lender Banco de Bogotá is looking to issue up to $1bn of tier two 10 year notes, although Moody’s said that the bonds will do little to address the bank’s low capital ratio.
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In this round-up, London overtakes Singapore as an RMB hub, foreign ownership of onshore RMB assets picks up, QDII products see further growth, and the US and China plan June economic meeting. Plus, a recap of our top stories this week.
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Investors said the Argentine province of Neuquén would be feeling lucky that it had postponed a bond issue last September after the issuer this week announced a second roadshow in less than a year.
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Central American sovereign Guatemala sold its first international bond in three years this week, with market participants saying a strong technical bid from local investors helped it to a relatively tight yield.
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Dollar FIG volumes caught up with last year’s levels this week, after completing a dramatic turnaround with the help of a flurry of bank issuance in April.
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BP and Philip Morris ensured a strong end to the month for the US high grade bond market with benchmark trades as they caught a market crying out for supply following quarterly earnings blackout and the April meeting of the Federal Reserve.
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