North America

Ontario Teachers’ Finance Trust has chosen four banks to organise a series of meetings with euro fixed income investors, ahead of what will be the issuer’s first bond in the currency.

A lack of credible internal candidates and a desire for stability across its divisions led UBS to cast the net wider to find a successor to chief executive Sergio Ermotti. It has appointed ING CEO Ralph Hamers.

UniCredit is making Algis Pabarcius its UK country head, replacing Christian Steffens, who is moving to head up corporate and investment banking for the Americas region.

The Mexican finance ministry will visit fixed income investors in Europe next week to present the framework under which it hopes to issue bonds designed to finance expenditure in line with the United Nations’ Sustainable Development Goals.

The US Treasury slapped sanctions on a Rosneft subsidiary on Tuesday for brokering sales of Venezuelan crude oil that supported president Nicolás Maduro’s government. Some expect this to be the first of similar actions, in the run up to the US presidential election.

JP Morgan has promoted a whole new layer of leadership in its investment bank, reaching down to debt capital markets, equity capital markets and M&A. At the top of the tree, Carlos Hernandez has moved from being head of global investment banking to executive chair and has appointed new co-heads of global investment banking.

Apple’s announcement that it is likely to miss revenue estimates for the first quarter of 2020 should serve as a warning to equity investors that the economic effects of the coronavirus outbreak should be feared alongside any threat of it becoming a pandemic.

BNP Paribas was guiding investors towards a coupon in the 4.75% area for a new additional tier one (AT1) on Tuesday, as it looked to price its deal at the lowest level ever acheived by a European bank in the dollar market.

US-based Oaktree Capital Management has become the first foreign asset management firm to set up a wholly owned subsidiary in mainland China.

HSBC’s new strategic plan involves numerous changes to its investment banking division, including shifting resources to Asia and the Middle East, reducing the scale of many operations in the European markets business, and combining product functions with commercial banking.

JP Morgan was the only financial institution tapping the euro market for senior paper on Friday, looking to make use of the sentiment rebound after some indigestion on Thursday.

Citic Capital Acquisition Corp has raised $240m from its listing on the New York Stock Exchange. The special purpose acquisition company (Spac) is targeting green and sustainable businesses.