North America

I-Mab, a China-based biopharmaceutical company, has kicked off the roadshow for its up to $111.1m Nasdaq IPO, more than two months after filing draft documents with the US regulator.

Equity capital markets bankers' bullish mood was dented on Friday by falling markets as investors reacted to escalating tension in the Middle East after the US assassination of Iranian general Qasem Soleimani. Banks are hoping this change in sentiment does not damage deal making next week.

US equity-linked bankers will be toasting another spectacular year, the strongest for new convertible issuance since 2008, as surging stocks fuelled an issuance boom.

Canadian financial institutions could be heavy users of the dollar bond market in 2020, though supply from high-grade bank and finance borrowers is otherwise expected to fall again, as firms enjoy comfortable capital and debt buffers.

In this round-up, Chinese president Xi Jinping headed to Macau for the 20th anniversary of the handover, the National People’s Congress will hold a fourth reading of the Securities Law next week and the People’s Bank of China (PBoC) has lowered the 14-day reverse repo rate.

JP Morgan Securities (China) has received the securities and futures business permit from the China Securities Regulatory Commission, which will allow it to begin operations in the Mainland.

Southpaw takes a sideways look at some of the big events that defined investment banking in 2019.

US high grade corporate borrowers have been warned to expect an uptick in volatility in 2020 after dollar bond supply confounded expectations to deliver another banner year.

Ipreo, whose system is used by banks, especially in Europe, for syndicating new bond issues, has reached out to two potential rivals about possibilities to collaborate. This suggests IHS Markit, which owns Ipreo, believes the alternative platforms could make headway.

The way that financial and economic news is reported is a better guide to variance in global equity returns than VIX, the CBOE Volatility Index, according to research by the International Monetary Fund.

Equity capital markets are fully firing again at the end of 2019, after a stressful year, but bankers hoping for a more fruitful 2020 are acutely conscious that most of their hopes are riding on the second quarter window, and that an ugly trinity of political risks is threatening the market. Sam Kerr reports.

Big European investment banks pivoted towards the Americas during 2019 in an attempt to boost revenues and position themselves for the next downturn, writes David Rothnie. With large M&A across the industry still off the table, banks are finding scale through joint ventures and alliances.