Americas

Just one Latin American issuer has announced bond issuance plans as another day of market volatility had bankers pondering whether the favourable conditions that have prevailed almost uninterrupted since mid-January might be in danger.

Equity investors are too complacent about the prospects of the wheels coming off of trade talks between China and the US. Such optimism could wreck equity capital markets for the year if negotiations sour,

Luckin Coffee has covered books after the first day on the road for its up to $510m Nasdaq IPO. And to add to the proceeds, the firm is concurrently selling ordinary shares to merchant firm Louis Dreyfus Co.

There was little action in Latin American bonds on Monday as the UK took a bank holiday, but broader volatility in global markets sent most spreads in the region slightly wider and was enough to make some DCM bankers nervous.

The People’s Bank of China (PBoC) will lower the reserve requirement ratio for small and medium sized firms, it said on Monday morning. The central bank announced the move amid worsening trade negotiations with the US.

In this round-up, US president Donald Trump threatened more tariffs days before the eleventh round of trade talks, Bond Connect gained 134 new foreign institutional investors in April thanks to Chinese bond inclusion, and China’s State Council standardised government investment.

The shares of Chinese plastic surgery social network So-Young International surged on their first day trading on the Nasdaq, after the firm priced its hot IPO at the top of guidance.

In this round-up, the trade negotiation between China and the US finished its tenth round, China PMI fell in April after previously rebounding and the chairman of the banking and insurance regulator promised more reform.

China’s Zai Lab has priced a follow-on sale of 7.8m American Depository Share (ADS), its second since its listing on the Nasdaq.

US bond bankers are looking forward to a bumper May, with a slew of big ticket M&A financings set to hit the dollar market within days. Bristol-Myers Squibb announced a roadshow on Thursday for a deal that is expected to be around $21bn, to help fund its acquisition of Celgene.

Canadian Imperial Bank of Commerce issued its second Australian dollar deal of the year on Thursday. The senior unsecured short-term debt is not subject to Canadian bail-in regulation.

Investors eyeing up Tottenham Hotspur’s plan to repay some of its debts by borrowing against its stadium should be wary of buying into a sport that has a long history of burning investors.