Americas

Real money investors have historically avoided the reputational risk involved in participating in sovereign debt restructurings. But a truly socially responsible investor should embrace these situations — for the sake of both their clients and troubled emerging nations.

Soaring demand and tight spreads lured repeat borrowers as summer dollar bond supply soared with $34bn of new issuance crammed into four days.

CME Group is making a play for the volatility derivatives market. On Thursday it announced a new futures contract that will reference the Nasdaq 100 volatility index.

Ke Holdings sealed a $2.12bn IPO on the New York Stock Exchange this week, the largest US listing by a Chinese firm in more than two years, defying the shock caused by US sanctions against one of its largest shareholders, Tencent Holdings. Jonathan Breen reports.

OneConnect Financial Technology Co, a Chinese technology-as-a-service platform, raised $324m this week from a larger than expected follow-on offering of its US-listed stock.

Wayfair, the US e-commerce company that sells home office furniture, has raised $1.32bn with the sale of a new convertible bond, after a surge in its stock price during the Covid-19 pandemic.

Entre Ríos will become the latest Argentine province to begin negotiations with bondholders after the national government’s restructuring agreement last week left the path clearer for provincial issuers.

US corporates under stress from Covid-19 economic shocks, especially those in the real estate sector, have been struggling in their renegotiations of loan and swap agreements as power has flowed back to the banks, writes Ross Lancaster.

ABN Amro plans to quit corporate banking outside Europe, except for clearing, and also exit trade and commodity finance in a shake-out of its corporate and investment banking activities.

Prudential plc confirmed this week that it intends to separate from its US arm, Jackson National. The move means Prudential will likely deleverage by letting bonds roll off over the next two years.

KKR, the US private equity group, has sold a $1bn mandatory convertible bond to fund its acquisition of life insurer Global Atlantic Financial Group, which it announced last month.

Vistas Media Acquisition Co (VMAC) has raised $100m after listing on the Nasdaq. It plans to use the funds for M&A in the media and entertainment industry.