North America

Credit Suisse’s plan to launch a private credit opportunities fund has been undermined by a spying scandal, the departure of Jim Amine, and Covid-19, writes David Rothnie.

Chinese IPOs in the US came under renewed pressure this week after the US Senate passed legislation that could ban mainland companies from its stock exchanges and the Nasdaq said it intends to tighten the screws on regulations around listings. Jonathan Breen reports.

New York Stock Exchange-listed online gaming company Sea tapped equity-linked bond investors for $1bn this week, following a surge in its share price after it reported strong first quarter earnings.

Royal Bank of Scotland Group took advantage of the strong appetite for senior debt in dollars this week, issuing $1.6bn of funding across two tranches. The deal, which included the first dollar issuance of green UK bank paper, offered no premium to investors.

Nasdaq's board is planning to delist Luckin Coffee’s shares, after the Chinese company revealed fabricated accounts in April.

Belgium took advantage of more attractive funding conditions in dollars versus euros and strong demand at the 10 year point of the curve to sell its first dollar bond since 2017 on Tuesday. SSA supply in dollars will continue on Wednesday with the Asian Infrastructure Investment Bank and Nederlandse Waterschapsbank bringing socially responsible deals.

JP Morgan has announced a restructuring of its equity capital markets team, after a solid start to 2020.

Singapore-based online gaming company Sea has launched a $1bn convertible bond, following a surge in its share price after reporting strong first quarter earnings.

Belgium is set to issue its first dollar bond since 2017 as euro funders continue to take advantage of the attractive funding conditions in the currency, with three other public sector borrowers also in the market for dollars.

JP Morgan announced a new set of leaders for its underwriting, coverage and M&A business on Monday, following a series of promotions in February.

European equities rallied sharply on Monday as little signs of secondary Covid-19 outbreaks emerged in the region over the weekend following the easing of lockdowns in many countries. Market sources expect that the renewed optimism is likely to lead to another strong week for equity capital markets transactions.

The pain that negative rates in dollars could cause money market funds hangs like an albatross around the US Federal Reserve’s neck. Talk of them has picked up over the last week as US Federal Funds Futures prices started to imply they were on their way, while president Donald Trump pushed the topic on Twitter, even though and Fed chair Jerome Powell appeared to rule them out.