North America

The International Swaps and Derivatives Association (ISDA) on Wednesday published a protocol that limits the scope of legacy credit default swaps referencing Venezuelan debt to obligations not restricted by recent US sanctions on the country.

Asian investors have piled into Qudian’s IPO on the New York Stock Exchange, with the $825m fundraising heavily oversubscribed even before it begins roadshows in the US, said bankers.

Borr Drilling, a Bermuda-registered, Oslo-headquartered offshore oil drilling company, has raised $650m with a 51% capital increase that was placed in an accelerated way on Friday evening.

Rise Education, a Bain Capital-backed language trainer, has launched a Nasdaq IPO that could be worth $154m. The deal comes hot on the heels of RYB Education’s scorching success in the aftermarket.

Sea, the e-sports giant formerly known as Garena, opened the books for its $695.8m US IPO on Monday, after adding a group of southeast Asian banks as underwriters.

Fitch Ratings says China has made progress in downsizing the country’s shadow banking sector, the US Department of Commerce delays its decision over imposing tariffs on Chinese goods, and China Development Bank (CDB) loans to Africa total more than $50bn in the first half of this year.

Walt Disney joined the swell of blue chips entering the Maple market, selling C$1.25bn ($1bn) of seven year notes on Wednesday. Maple bonds, a suburb of niche currency markets for years, is becoming a hotbed for blue chips in search of diversification, writes Silas Brown.

Bank of Nova Scotia made a stunning splash in the dollar market as it printed the first offshore additional tier one (AT1) bond by a Canadian lender.

Export Development Canada (EDC) sold a five year sterling floater on Thursday, raising £750m with its largest deal ever in the currency and, in an unusual development for the sterling market, pulled in its spread by 2bp. The borrower paid up over its dollar curve but was, according to one of the leads, happy to do so to maintain a presence in sterling.

The burgeoning cryptocurrency market is facing new questions as a Commissioner at the US derivatives regulator asked what “actual delivery” of a digital currency meant, in the context of derivatives rules.

Walt Disney joined the swell of blue chips entering the Maple market, selling C$1.25bn ($1bn) of seven year notes on Tuesday. And, as recent issues from AB InBev, Apple and McDonald's demonstrate, the Maple market is becoming a central pillar of corporate funding diversification.

Interdealer brokerage firm TP ICAP has made a number of hires in its Institutional Services division, the company announced on Wednesday. The division provides advice, sales and execution to clients like institutional asset managers and hedge funds.