Americas

Peer-to-peer lender China Rapid Finance has launched bookbuilding for its US listing, which could raise $115m, according to a termsheet seen by GlobalCapital Asia.

ONE Championship, the pan-Asia mixed martial arts promoter and media company co-founded by a former hedge fund manager, is in early discussions with banks about a planned global listing in the US.

A glimpse of the future has arrived with the publication of a report modelling the credit risk banks face from drought. The effect on loan portfolios could be severe — and the research illustrates the new kinds of risk management banks will have to do as the world’s climate becomes more volatile.

The friendly meeting between US president Donald Trump and his Chinese counterpart Xi Jinping last week has ushered in warmer relations, with Trump stating on April 12 that the US Treasury will not label China a currency manipulator. Meanwhile, the two sides are working on a framework for greater market access to be delivered in just over three months.

No Latin American borrowers tapped international bond markets this week as most of the region takes an extended break for Easter, but Argentina is once again providing most of the excitement.

Bond investors were sanguine on Central American sovereign El Salvador’s international bonds even as they took a battering in secondary markets this week in the wake of a default on domestic debt.

The financing arms of General Motors and Toyota stood out in an otherwise subdued week for US corporate bond issuance in the run-up to the Easter weekend.

US high yield corporate default rates — a market led by companies in the commodity and energy industries — have seen little improvement despite the stabilisation of oil prices, CreditSights data showed on Wednesday.

Mizuho has hired another banker as part of its expansion in West Coast investment banking. The bank has been building out its tech team in its San Francisco office, but has now hired for healthcare investment banking as well.

French dough maker Cérélia has launched a €345m loan package for its acquisition of Canadian cookie and muffin maker English Bay Batter, joining UK nurseries firm Busy Bees in signing a roll-up acquisition.

Pampa Energía, the fast growing Argentine energy company, is looking to sell $500m of convertible bonds in an extremely rare structure for a Latin American issuer.

Less than a month after it removed the negative outlook on Brazil’s Ba2 rating, Moody’s has edged state-owned oil giant Petrobras closer to the double-B territory it occupies with other rating agencies.