North America

Market participants re-examined the prospects for covered bond supply in sterling this week in the wake of two deals from SSA borrowers in the currency. Spreads have tightened and issuance conditions have improved but that will have to be balanced against bargain basement priced funding available from central banks, bankers said on Thursday.

Chinese e-commerce company JD.com is set to raise HK$30.1bn ($3.87bn) from its Hong Kong secondary listing, according to a source familiar with the matter.

Equity capital market participants were in a gloomy mood on Thursday as global equity indices fell in response to the pessimistic tone from the US Federal Reserve. However, European markets remain open for primary capital raising transactions.

HSBC and Standard Chartered are facing a backlash from investors and politicians after publicly supporting China’s planned security law for Hong Kong.

The World Bank returned to the Canadian dollar on Wednesday with a new C$1.5bn ($1.11bn) sustainable development bond, as movements in the cross currency basis swap, as well as the spread to Canadian Mortgage Bonds (CMBs), allowed the supranational to print the largest SSA Maple deal since last July.

CME Group has become the latest exchange to signal a return of open-outcry as it announced the reopening of its Eurodollars options pit.

Chinese electric vehicle manufacturer Nio hit the US market with a follow-on offering of American Depositary Shares (ADS) on Tuesday.

Three of the Big Four accounting firms have looked to raise debt privately over the past few months, according to market sources, as PwC joins the US entities of KPMG and Deloitte in entering the US private placement market.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, June 8. The source for secondary trading levels is ICE Data Services.

The surprising rise in global stock markets continued last week with a strong rally on Friday after US job figures were better than expected. The resilience of secondary equity markets, despite the Covid-19 pandemic, is a boost for those lining up equity block sales.

Burning Rock Biotech, a cancer detection and therapy company, has opened books for its up to $209.3m Nasdaq IPO following a hot week for Chinese listings in the US.

Chinese e-commerce company JD.com covered its Hong Kong secondary listing within a few hours of opening bookbuilding late last Friday evening, with orders continuing to pour in on Monday.