North America

Chinese property developer Country Garden Holdings was forced to pull a Rmb1.8bn ($281.2m) three year Panda bond this week after investors demanded a better return amid rising volatility, writes Noah Sin.

Jason Manske, the chief hedging officer and head of global derivatives and liquid markets at insurance giant MetLife, has joined the International Swaps and Derivatives Association's board of directors.

Options volumes were up 11% in exchanges around the world last year, while futures were down 6.6%, according to new data unveiled by the Futures Industry Association.

Chinese data centre operator GDS Holdings has opened a follow-on placement of its American Depository Shares (ADS), eyeing around $200m.

Onshore investors forced red chip issuer Country Garden Holdings to pull a Rmb1.8bn ($281.2m) three year bond on Tuesday. It would have been the real estate company’s first deal in the Panda market since September 2016.

Shenzhen International Holdings has raised Rmb300m ($46.9m) from a five year non put three Panda bond. The deal, which marked the issuer’s first outing in the asset class, was also the first Panda to list in the exchange market in 2018.

Public sector borrowers wrapped up a trio of short end dollar trades on Tuesday, with the tightest issuer able to grind in pricing to the lowest level from an SSA this year and the higher yielding names finding ample demand despite ending up at similar spreads. SSA bankers are confident that the strong conditions will also ring true at the long end for KfW, which has mandated for its first 10 year dollar benchmark in nearly three years.

The Securities and Exchange Commission and the Commodity Futures Trading Commission have hardened their stances on cryptocurrency markets, amid wider market concerns about initial coin offerings and the launch of bitcoin futures.

Dalian Wanda Group has mandated banks to start work on a possible IPO of its sports assets, said sources close to the matter.

Volumes in the US high yield market were given a boost on Monday from a $2.5bn dual tranche deal from T-Mobile, which the mobile operator will use to refinance old debt.

Public sector borrowers are pouring into the three year part of the dollar curve after a series of issuers printed strong deals in the tenor last week.

The Index Industry Association on Monday revealed that its members administered about 3.29m indices around the world, with more than 95% of those referencing equities.