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  • Elon Musk’s sensational claim to have funding in place to take Tesla private stunned the US capital markets this week, but the lack of substantive detail to the plan has largely reversed an initial rally in the firm’s equity and debt instruments, as well as reportedly drawing the attention of the Securities Exchange Commission. Aidan Gregory and David Bell report.
  • Maanshan Iron & Steel is seeking shareholder approval to raise up to $500m from a debut convertible bond — the first time in 25 years it is tapping equity investors for funds.
  • UBS has hired two senior equity capital markets bankers formerly with JP Morgan for its Asia operations.
  • Issuance in Europe’s equity-linked market is likely to remain stagnant for the rest of the year as long as there is no rapid uplift in rates and the high yield bond market holds up. The US meanwhile continues put all other markets in the shade as total volume powers to its strongest year since 2007.
  • JP Morgan pocketed $350m on Tuesday from a cash-settled exchangeable bond that was the first of its kind in Asia, drawing huge support from long-only investors. The deal is among a handful globally that not only lets bank issuers raise funds, but also helps with hedging out their corporate derivative exposure. John Loh reports.
  • Udhay Furtado has left Goldman Sachs after 12 years with the US bulge bracket firm to take up a new role at Citi.