Americas

Rare issuer British Columbia returned to the MTN market this week with its first euro paper since January 2017, in two installments. MTN dealers reckon conditions are favourable for Canadian issuers.

The cost of funding in euros or sterling has swung back into favour for dollar-focused financial institutions in recent months, heralding the return of several North American banks to the market, including Morgan Stanley and Wells Fargo.

The US decision not to renew sanction waivers for Iran’s remaining export markets has boosted the price of oil and opened a window for oil and gas capital markets activity, write Sam Kerr and Mike Turner.

Netflix’s blockbuster high yield issuance this week shows the love debt investors continue to have for the streaming service, but instead of adding to an already leveraged balance sheet, it should consider issuing new shares.

Nomura announced in its results on Thursday that its wholesale business made a loss both in the fourth quarter and in the year as a whole. The Japanese bank is looking to cut back the division.

Two companies could bring some life to Latin American bond markets on Thursday amid a quiet period for new issues despite apparently supportive conditions.

Chilean firm Moneda Asset Management, one of the most important investment houses in Latin America, has appointed its head of institutional clients as CEO after Antonio Gil Neivas resigned to join Stanford University’s executive programme.

Chinese plastic surgery social network So-Young International hit the road for its Nasdaq listing this week, eyeing proceeds of up to $179.4m.

More evidence of the strength of demand from Swiss retail investors for attractive coupons was provided last week when Luzerner Kantonalbank (LuKB) priced an additional tier one (AT1) transaction shortly before the Easter break. Led by LuKB and ZKB (sole structurer), and priced at a coupon of 1.8%, this non-call 6.5 year deal raised Sfr250m.

A tough quarter scuppered Goldman Sachs's strategic update but the bank places deeds before words and is already well advanced in its new strategy, writes David Rothnie

Credit Suisse was first off the blocks among big European investment banks in releasing its first quarter results on Wednesday. While trading revenue was strong, underwriting and advisory revenues disappointed, compared with US peers.

Smart wearables manufacturer Huami Corp has launched book building for its $ 114m follow on American Depository Shares (ADS) offering.