Americas

Nomura has cut jobs in its investment banking business in Europe over the summer, following losses in leveraged finance, as its new chief executive eyes up other regions for growth, writes David Rothnie.

Chinese electric vehicle manufacturer XPeng raised $1.5bn this week, after increasing the size of its US listing and pricing it above the marketed range.

Tencent Music Entertainment Group (TME) attracted nearly $13bn of orders for its offshore bond debut this week. The company’s solid credit profile and backing from its parent helped win over investors. Morgan Davis reports.

The use of exchange-traded funds labelled as addressing environmental, social and governance themes is rising rapidly, as investors believe they allow them to track ESG indices more easily and cheaply, without necessarily having to engage intensively with ESG matters.

Chinese internet and data centre services provider 21Vianet Group has raised $352.8m from a primary issue of its Nasdaq-listed stock.

Coca-Cola Femsa, the world’s largest franchised Coca-Cola bottler, is preparing to sell a debut green bond that it says it will use to finance its transition towards low-carbon operations and minimise its exposure to environmental risks.

Nice Ltd, the New York-listed Israeli software company, has tapped the equity-linked market for financing with a new $400m five year convertible bond.

21Vianet Group, a Chinese internet and data centre provider, is tapping equity investors with a follow-on offer of new American Depository Shares.

The Province of La Rioja said on Monday that, for the second time this year, it would take advantage of a 30-day grace period on a bond coupon payment to weigh up its options as it looks likely to become the latest regional government in Argentina to restructure its debt.

Investors are doubtful whether the extraordinary stock market rally of the last few months will continue, as they await news of a vaccine, further economic fallout from the pandemic, and the result of the US presidential election. If they want to maintain equity exposure while limiting potential losses, UBS analysts have suggested using call options for certain indices.

Chinese electric vehicle manufacturer XPeng has hit the road with its $1.1bn New York Stock Exchange IPO. It is the latest in a building pipeline of US listings by Mainland-based companies that are undeterred by rising tensions between the two countries.

Argentine oil and gas company Compañía General de Combustible (CGC) has extended the early-bird deadline on an offer to swap its 2021s for 2025s, with 63.92% of the bondholders having already agreed to participate in the exchange.