Americas

A key area of derivatives focus in the planned merger between data firms Markit and IHS will be opening up Markit's credit default swap analysis to IHS corporate clients, according to sources with knowledge of the matter.

Credit derivative indices rolled into new series on Tuesday, with traders reporting a big long bias in the outgoing US and European investment grade indices among buyside participants that caused the new series to trade tighter than the level implied by fair value.

Investors continued to pour money into the US corporate bond market this week as March's rally in high grade bonds turned the market positive for the year.

Fitch upgraded Argentina's local currency rating from CCC to B on Tuesday thanks to an improved policy framework, and predicted it would do the same to the government’s foreign currency rating once the country resumes timely debt service on defaulted bonds.

Raizen Energia, the Brazilian sugar and energy producer, will buy back nearly $200m of debt after bondholders gave a solid response to a tender offer.

Evofem Holdings, a company backed by Invesco and Woodford Investment Management that is developing woman-controlled, hormone-free contraceptives, has abandoned an attempt to raise up to $200m of new money for the company by floating on Aim.

Credit index options prices have fallen so far following recent central bank moves that implied volatility measures are below trailing measures of realised volatility for the first time in four years.

Two more Latin America sovereigns could issue bonds soon as borrowers from the region make the most of improved market conditions.

Derivatives exchanges are broadening their reach in China through futures and options and build the H-shares product suite.

Analysts are touting five year break-evens and calls on correlated currencies to ride US inflation growth.

Argentine state oil company YPF sold $1bn of five year notes at a new issue premium close to flat on Friday as the threat of an imminent flood of supply from Argentina did nothing to quell demand.

GlobalCapital is pleased to announce the nominees for its 2016 US Derivatives Awards. Nominations are based upon market feedback and research conducted in recent months. Winners will be unveiled at a gala dinner in New York.