North America

Chinese data analytics firm Gridsum Holdings is planning a $75m float on the Nasdaq, according to a draft prospectus filed with the US Securities and Exchange Commission.

Major banks and their counterparties in Canada, Japan and the US entered a last gasp drive this week to comply with new margin rules on uncleared derivative trades ahead of Thursday’s deadline. But while most of the market looked to have averted disaster on the day, one of the key regulatory officials behind the rules had harsh words for the way in which they had been imposed.

The United States has unseated the United Kingdom from its long dominance of over-the-counter interest rate swaps (IRS) trading, according to an industry report this week.

In concert with Thursday’s roll out of margin rules for uncleared swaps, the International Swaps and Derivatives Association has gone live with an industry standard model to calculate initial margin on uncleared derivatives trades.

Investment company Melrose has completed its $1.25bn loan syndication, according to a banker on the deal. The borrower is one of very few to have launched a deal since the UK’s referendum on EU membership on June 23, but its oversubscription in syndication signalled that borrowers brave enough to try for loans will be rewarded, as banks continue to battle it out for market share. Robert Cooke reports.

Coca-Cola made a smash and grab raid on the dollar bond market on Monday as it jumped in ahead of a predicted onslaught of supply next week.

Five banks raised more than $10bn in the senior unsecured dollar market this week, exploiting strong demand and at spreads that were in line with where covered bonds would have priced.

The Province of British Columbia added a pinch of Masala to its funding menu on Thursday, printing at the tight end of guidance as it became the first foreign sovereign or sub-sovereign to enter the market.

The Financial Stability Board has singled out removing barriers to over-the-counter derivatives reporting as a priority for G20 leaders ahead of their summit in Hangzhou this weekend.

General Motors Financial, the financing subsidiary of the US automotive giant, hit the European corporate bond market with speed on Wednesday as it issued a benchmark transaction.

The Province of British Columbia will dip into the Masala bond market for the first time with a January 2020 bond on Thursday.

Symbiont, a startup technology firm specialising in smart contracts and distributed ledgers for financial markets, has named a former Morgan Stanley senior banker as president and chairman of its board of directors.