North America

In this round-up, China’s July Purchasing Managers’ Index (PMI) numbers indicate recovery, Chinese video-sharing company TikTok is under a US national security review and Hong Kong-listed CanSino Biologics is set for a secondary listing on Shanghai’s Star board.

Mexican miner Industrias Peñoles sold $600m of bonds on Thursday to keep Latin American primary markets ticking over as sell-side bankers expect only a trickle of deals from the region until September.

The enduring health of the dollar new issue market was on display this week as companies emerged from earnings blackout to front-load funding ahead of the latest meeting of the Federal Reserve’s open market committee.

Electric vehicle manufacturer Li Auto sealed a scorching $1.1bn Nasdaq IPO this week, pricing above the marketed range to make it the largest US listing by a Chinese company in nearly two years. The deal proved there is still interest among mainland firms to list in the US, despite rising hostilities between the two countries, writes Jonathan Breen.

Independent firms were the big winners of the 2008 financial meltdown. But they will find the Covid-19 crisis tougher to navigate, as they grapple with a unique set of challenges, writes David Rothnie.

Industrias Peñoles, the world’s largest producer of refined silver, began investor calls on Wednesday ahead of a proposed $600m bond issue with the Mexican mining company largely unaffected by the impact coronavirus pandemic.

The National Football League, the professional American football league in the US, has sold $1.7bn of private placements, according to market sources, to help steer the organisation through the coronavirus.

Royal Bank of Canada (RBC) has become the first issuer to guard against negative rates in the sterling market by structuring a Sonia-linked senior deal with an artificially high coupon.

Chinese electric vehicle maker Li Auto has brought forward the close and pricing of its up to $950m Nasdaq listing after securing heavy demand for the deal.

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, July 27. The source for secondary trading levels is ICE Data Services.

Equity bankers have expressed fear that issuing IPOs this autumn is set to be far harder than expected, with Covd-19 showing little sign of abating and a second wave feared in the colder months.

HSBC has become the latest bank to create a dedicated team for sustainable finance amid the coronavirus crisis. This is part of a new strategic solutions group, which will also house two other solutions units: one for corporate finance, and one for financial institutions and capital.