North America

Syndicated loans are becoming a focal point of firms looking to demonstrate the power of blockchain, or distributed ledger technology, with different initiatives ramping up and competing to solve the problem of lengthy settlement times in the private debt market.

German chemicals supplier Lanxess picked two banks to supply its €2bn bridge facility for the acquisition of Chemtura. More banks are set to join in syndication, according to a banker close to the deal.

The Chicago Board Options Exchange has made a push for equity and options trading power in the US and Europe, by agreeing terms this week to buy Kansas-based exchange Bats Global Markets for $3.2bn.

The budding Chinese Panda bond market is about to get its second Canadian issuer with the National Bank of Canada establishing an up to Rmb5bn ($750m) programme.

Chinese data analytics firm Gridsum Holdings has raised $82m after global investors piled in to its Nasdaq IPO.

Azure Power Global, the holding company of Azure Power India, opened books on Thursday for a listing on the New York Stock Exchange, and is targeting as much as $180.3m.

The appointment of a renminbi clearing bank in New York is a political win for the China-US relationship that adds to the currency’s global prestige, but it is unlikely to boost RMB trade or investment in the short term, according to experts.

A trio of banks tapped the dollar market either side of the Fed meeting to lock in cheap financing in anticipation of tighter issuance windows in the coming weeks.

UK-listed Shire Pharmaceuticals and France’s Air Liquide led the Yankee charge into the dollar market this week with long awaited M&A financing deals that investors welcomed with open arms.

National Bank of Canada (NBC), rarely seen in the covered bond market, issued a seven year deal on Thursday and although it offered virtually no concession, it was highly subscribed.

The roll of iTraxx credit indices this week, coupled with a monthly credit options expiry, prompted a burst of trading activity and brought some surprises — with Crossover trading going against expectations and volatility traders entering into unusually long-dated expiries.

Blockchain came sharply into focus this week for the derivatives market, as industry bodies warned on both the need for such technology and to regulate its use. Meanwhile, firms rolled out a range of new initiatives to address the market’s mounting challenges around margin and settlements.