Americas

It has been a long held belief over the past few years that a return of volatility would be good for equity capital markets. But the speed of its return is causing many investors to give taking risk a wide berth.

A selloff led by worries over tech and tariffs has continued from last week, with some bank strategists beginning to doubt there will be a return to the market conditions seen in January and the second half of 2017.

China’s GreenTree Hospitality Group had to navigate a tough market this week to wrap up its US IPO as volatility spiked and its closest comparable tanked in the secondary market. To pull off its float, the issuer had no choice but to concede on price and size, writes Jonathan Breen.

AIA Group wrapped up a swift deal during New York hours on Tuesday, taking advantage of the ample liquidity in the US market and investors’ appetite for longer tenors. The life insurance company’s $500m deal outperformed most recent trades — both in the primary and secondary markets.

Research firm Capital Economics has chosen a new chief emerging markets economist from within the company, GlobalCapital understands, after Neil Shearing was promoted from that job to become chief economist.

The board of Transportadora de Gas del Norte (TGN), the Argentine gas provider, has approved a bond shelf of up to $600m as the company weighs up a potential debut international bond, it said in a regulatory filing on Tuesday.

The increasingly fickle and protectionist nature of the Trump administration is a new factor for IPO sellers to consider as they prepare for a busy window after Easter. Issuers may have to compromise, or risk their deals being pulled.

Debt capital markets bankers are beginning to pitch additional tier one deals to Chile’s banks as the South American country’s general banking law brings regulations in line with Basel III recommendations.

Chinese hotel operator GreenTree Hospitality Group has sliced its $349.2m IPO of American Depositary Shares (ADS) to just over half the original size.

JD Sports, the UK casualwear company, is set to break into the US market by buying Finish Line for around $558m. The acquisition will be financed in the loan market.

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China-based Sunlands Online Education Group has bagged $149.5m from its US IPO after pricing the deal at the bottom of guidance.