North America

Chinese streaming platform Bilibili returned to the equity-linked market on Thursday, kicking off bookbuilding for a $650m convertible bond, according to a source familiar with the matter.

Citigroup’s new architecture to make its banking, capital markets and advisory (BCMA) group a fitter competitor in sustainability and ESG issues emphasises two channels of communication, according to Manuel Falcó, co-head of BCMA, through the most senior rainmakers and a cadre of younger enthusiasts.

Some of the largest investment banks made 12% less revenue from lending in the first quarter, despite balance sheet expansion as they supported companies, according to research from analytics firm CRISIL Coalition.

Cboe Global Markets will reopen its open-outcry options trading floor at the beginning of June, after more than two months in which the world’s major derivatives exchanges have operated exclusively electronically.

Banks are bounding back into the Kangaroo market. On Wednesday, BNP Paribas jumped in to sell the first syndicated Australian dollar senior non-preferred deal since the start of the Covid-19 crisis, later that day the Bank of Nova Scotia announced plans to join the fray with a mandate for a three year bail-inable deal.

Equities and investment-grade bonds are overpriced in developed markets, according to Tommy Garvey, member of the asset allocation team at GMO. The US-based investment firm has just slashed its exposure to developed equity markets.

Chinese travel agency Trip.com Group has closed the senior syndication phase of a $1bn multi-tranche loan.

The EU should further loosen bank leverage ratio requirements if it wants to avoid a credit crunch amid Covid-19, according to Michael Lever, head of prudential regulation at the Association for Financial Markets in Europe.

Burning Rock Biotech is planning to float on Nasdaq for as much as $100m.

In this round-up, China’s top government officials, including president Xi Jinping, discuss key economic targets and a fiscal stimulus package, and foreign minister Wang Yi warns the US against a ‘new cold war’.

Chinese internet giants JD.com and NetEase are targeting mid-June to launch their respective Hong Kong listings, according to sources familiar with the matter.

A quartet of SSAs borrowed a combined A$940m ($613.4m) into the Kangaroo market this week, spurring the SSA Aussie dollar market on to its best monthly volume in over nine months.