North America

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.

Royal Caribbean, the Miami-based cruise line operator, has tapped the convertible bond market for $1bn of funding to shore up its balance sheet until cruises are allowed to resume once the Covid-19 global pandemic subsides.

Chinese online game developer NetEase has raised HK$21.1bn ($2.7bn) from its secondary offering in Hong Kong, riding on strong investor support for its listing, according to a senior banker on the deal.

Chinese e-commerce company JD.com will open books for its Hong Kong secondary listing on Friday after the markets close, according to two sources close to the deal.