North America

Merck, the US pharmaceutical company, launched a chunky €1bn hybrid on Wednesday, as syndicate bankers said they expect even more subordinated corporate debt despite the flurry since returning from the summer break.

Chinese smart electric vehicle maker Nio has raised $1.5bn in fresh equity after increasing its follow-on offering of American Depository Shares (ADS).

This week in Keeping Tabs: the prospect of financial repression in the UK, an easier passage for emerging market central banks, and Alphabet partnering up with Swiss Re.

K12, the US provider of software for the online education of schoolchildren, has issued a $360m convertible bond, at the end of another busy month for US equity-linked debt issuance.

Chinese smart electric vehicle maker Nio has launched an accelerated follow-on offering, riding on the strong support seen for the US listings of its competitors in the past month.

A bumper order book allowed Mexican bottling company Coca-Cola Femsa to sell a debut green bond inside guidance and inside its own curve this week, as the green aspect of the deal further broadened the audience for a credit that already holds diverse appeal.

The dollar corporate bond market skipped the summer slowdown this year. This week Royalty Pharma issued its first bond as a public company and pushed August's total issuance above $100bn for the first time ever.

Nomura has cut jobs in its investment banking business in Europe over the summer, following losses in leveraged finance, as its new chief executive eyes up other regions for growth, writes David Rothnie.

Chinese electric vehicle manufacturer XPeng raised $1.5bn this week, after increasing the size of its US listing and pricing it above the marketed range.

Tencent Music Entertainment Group (TME) attracted nearly $13bn of orders for its offshore bond debut this week. The company’s solid credit profile and backing from its parent helped win over investors. Morgan Davis reports.

The use of exchange-traded funds labelled as addressing environmental, social and governance themes is rising rapidly, as investors believe they allow them to track ESG indices more easily and cheaply, without necessarily having to engage intensively with ESG matters.

Chinese internet and data centre services provider 21Vianet Group has raised $352.8m from a primary issue of its Nasdaq-listed stock.