Americas

E-commerce giant Alibaba Group Holding’s planned IPO of up to $20bn in Hong Kong is set to trigger a wave of other technology listings in the city, if successful. The timing couldn’t be better, as the US sets its sights on Chinese companies listed in New York. Gina Lee and Jonathan Breen report.

Chinese video-based social media platform YY pocketed $850m from a well-timed dual-tranche convertible bond. The deal — launched after repeated indications of interest in US-listed stocks — landed on a burst of risk appetite that followed US president Donald Trump’s tweet confirming his meeting with Chinese leader Xi Jinping at the G20 gathering in Japan next week. Jonathan Breen reports.

Just two months after a dovish US Federal Reserve lured América Móvil to the dollar bond market for the first time in eight years, the Mexican telecoms giant was again able to make the most of benevolent central bank talk on Wednesday as it jumped on a rates rally in Europe for its first euro trade since 2016.

Mexican lender Banorte became the latest Latin American borrower to clinch new debt with exceedingly tight pricing on Thursday, as bond investors showed their hunger stretched beyond top-rated paper.

Just two months after a dovish US Federal Reserve lured América Móvil to the dollar bond market for the first time in eight years, the Mexican telecoms giant was again able to make the most of benevolent central bank talk on Wednesday as it jumped on a rates rally in Europe for its first euro trade since 2016.

Equity investors have poured cold water on the notion that a US Federal Reserve interest rate cut this year would be enough to offset the damage to capital markets that a prolonged trade stand-off between the US and China would cause.

Nasdaq-listed Chinese social media platform YY hit the market with an $850m dual-tranche convertible bond on Wednesday.

Chile’s head of international finance told GlobalCapital that issuing a green bond had helped the sovereign attract new investors used to buying lower yielding paper, making the deal a win-win for both borrower and buy-side. It is planning to bring its next green deal in euros

Corporación Andina de Fomento (CAF) will sell its first public green bond in the second half of this year in euros, the development bank’s head of funding said at Euromoney's Global Borrowers and Investors Forum in London on Tuesday.

Central bank independence has long been one of the sacred cows of western financial policy, but the rise of populist politicians is increasing the possibility that it might be on the way to the abattoir.

Chile sold a $1.418bn bond on Monday, in the process becoming the first sovereign in Latin America to issue a green bond. The sovereign will look to repeat the feat in the euro market in the coming weeks.

Europe’s private debt markets are progressing admirably. More and more companies are issuing, or at least aware of the possibility — and they have a varied choice of markets. Players in the Schuldschein and US PP markets are confident and looking ahead to new opportunities, as the products grow in geographical reach, asset class and technique. As Jon Hay reports, there’s just one snag — the credit cycle is nearing its end.