Americas

Pinduoduo, one of China’s hottest technology start-ups, sealed its $1.6bn IPO at the top end as expected, but not all American Depository Share (ADS) listings were so lucky this week as investors remained on edge.

Goldman Sachs was able to take €1.5bn of funding out of the senior market on Wednesday in the first FIG deal of the week, taking advantage of a more benign secondary backdrop.

Brazilian mining giant Vale regained full investment grade status yesterday as Moody’s upgraded the borrower to Baa3, crowning a steep recovery in the company’s credit quality.

The £1bn rights issue of DS Smith, the last big ECM deal scheduled before the summer has been completed. The UK and European market is now preparing for what is expected to be a "very busy" September.

Pintec Technology Holdings is gauging investor appetite for its IPO on the Nasdaq ahead of roadshows that are expected to start next Wednesday.

Populist politicians challenging their central banks and blaming foreign businesses for their country’s woes is not normally something investors expect from the United States, but President Trump forces investors to think about political risks which are far more common in emerging markets.

Intercontinental Exchange has completed its $685m acquisition of TMC Bonds, a fixed income trading platform that adds to its drive into market infrastructure.

Prologis, the US real estate investment trust that owns logistics properties, held a call with investors this morning to explore the sale of a sale of a 10 to 12 year euro senior unsecured benchmark bond.

Engineering and construction company Andrade Gutierrez, one of the largest contractors in Latin America, is asking bondholders to push out a 2018 bond maturity that it failed to pay on April 30.

Chinese e-commerce start-up Pinduoduo is set to price its US listing at the top of guidance after a flurry of demand towards the end of its roadshow, according to a banker working on the deal.

The US Treasury Department’s Office of Foreign Asset Control (OFAC) has issued a licence that would enable holders of PDVSA’s 8.5% 2020s to access the bond’s collateral despite an executive order that prohibits US persons from receiving shares from the Venezuelan government.

Two Chinese technology firms listing in the US have been hotly received by investors, with both well covered since their launches earlier in the week.