North America

Pension Insurance Corporation (PIC) published a report on Thursday making the case for institutional investment into UK social housing. The sector has come under pressure from falls in government funding and the increasing costs of developing new homes. Capital from the insurance sector could provide a valve, PIC claims.

The US corporate bond market had no high grade new issues in the run-up to the Thanksgiving holiday but the return of big ticket mergers and acquisitions has raised bankers spirits for 2020.

Bank of Nova Scotia returned to the sterling market for the first time in more than a year on Wednesday, when it sold its first total loss-absorbing capacity (TLAC) compliant senior bonds in the currency a day after reporting its full year results.

Surging equity markets and a spate of strong block sales have given equity investors a boost as they approach the end of the year.

Economies like Canada and Australia that rely upon carbon dioxide-heavy industries are well placed for establishing transition bonds in the SSA market. Having already blazed the trail for green bonds and new risk-free rate linked paper, it is time for SSA issuers to establish transition bonds as a public sector instrument.

HSBC’s anticipated cuts to its global banking and markets (GBM) division may make sense. But they will not be easy to pull off smoothly.

US regulators are taking slow steps towards accepting that climate change is a financial risk, but progress is being made. Appointments have been made to a CFTC committee created to better understand climate-related market risks and one of the members is Mindy Lubber, chief executive of sustainability organisation Ceres. She told GlobalCapital her organisation is working to prepare for a new, green-minded president.

A number of block trades were priced this week as the EMEA equity capital markets ground towards the end of the year. While some banks had expected the week to be busier, the last five days have proven the market is still well and truly open for new business.

In this round-up, US president Donald Trump threatened to raise tariffs again if a phase one deal is not reached, China is planning to set up a fund to promote its manufacturing industry and the US Senate passed the Hong Kong Human Rights and Democracy Act.

A shareholder group in Chinese education technology firm GSX Techedu have bagged $252m after selling a chunk of its US-listed stock.

Chinese company Genetron Holdings has filed initial IPO documents with the US regulator just days after getting a fresh injection of capital from a Vivo Capital-led private funding round.

The skinny pricing concessions and big order books that characterised this week’s US corporate bond issuance will not be sustainable as the year wanes, bankers have warned.