Americas

The dollar market sprung back to life as US banks dominated supply this week, with Goldman Sachs and Citigroup taking home more than $11bn through self-led trades.

The SEC has extended a temporary olive branch to Europe in the form of a no-action relief statement, allowing US broker dealers to receive research payments from European money managers and advisory clients.

Weibo Corp delighted investors on Thursday with an $800m print in the equity-linked market, the largest convertible bond by a debut US-listed Chinese issuer.

Hutchison China MediTech pocketed $300m this week after executing a follow-on offering of its Nasdaq-listed American Depository Shares, increasing the deal size as it went.

Lat Am bond bankers expect at least two borrowers from the region to price new deals on Thursday, after a quiet couple of days in new issue markets.

Hutchison China MediTech hit the market on Wednesday with a view to raising around $262m from a follow-on sale of American depository shares (ADS), according to a term sheet seen by GlobalCapital Asia.

Lender Banco Hipotecario, which was the first Argentine borrower in cross-border markets after Mauricio Macri’s presidential election win in November 2015, could also be the first to issue after the president’s successful showing in mid-terms last Sunday.

Nasdaq-listed Weibo Corp has opened books for the sale of up to $800m in convertible bonds, in its first outing to the equity-linked market.

Intercontinental Exchange, the global exchange and clearing house operator, on Tuesday announced it had bought a 4.7% stake in Euroclear from Royal Bank of Scotland for €275m. The move was followed a few hours later by an announcement that it would buy fixed income trading venue BondPoint from Virtu Financial for $400m.

The European Stability Mechanism (ESM) brought its long awaited inaugural dollar transaction to market on Tuesday during a period of feverish activity in a dollar market that is “going from strength to strength”, according to one SSA banker.

Ablynx, the Belgian biopharmaceutical firm, has raised $200m through a second listing in the US, following positive momentum in the development of a new drug designed to combat a life-threatening blood clotting disorder.

Argentine bonds and stocks rallied strongly on Monday after the ruling Cambiemos coalition bettered the predictions of already favourable opinion polls at Sunday’s mid-term elections.