North America
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In this round-up, the US and China set a date for the next round of negotiation in Washington DC, MUFG and Mizuho receive approval to underwrite onshore Chinese bonds and China’s industrial profits growth edges down in August. -
Charles Scharf will take over as chief executive and president of Wells Fargo next month, ending a six month period when an interim boss was in charge. Scharf comes from Bank of New York Mellon.
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In this round-up, China and the US upped the ante on the rhetorical trade war, the Ministry of Finance transferred its shares in two state-owned banks to a national social security fund and the Hangzhou city government is sending 100 of its staff to private companies.
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Kristalina Georgieva, who is the new managing director of the International Monetary Fund from Tuesday, plans to expand the use of precautionary instruments, such as credit lines, to more countries.
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US investment grade corporate bond supply slowed this week, but the pace of prints so far in September has been sufficient to rack up the all time sixth busiest month for supply
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Two public sector borrowers rode out the tricky conditions in the dollar market on Wednesday to find good demand for new issues. US Treasury yields recorded sharp falls that were due to a range of factors, including the launch of a formal impeachment inquiry into US president Donald Trump.
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The postponed listing of the We Company, owner of office provider WeWork, shows that IPO investors are disciplined in their search for growth stories. Banks should recalibrate their relationships with private capital providers, says David Rothnie.
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Royal Bank of Canada on Thursday became the first international bank to issue a five year Sonia linked covered bond, a trade that delivered competitive pricing and sizeable funding.
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Nasdaq-listed Pinduoduo became the latest in a growing line of Chinese companies to tap the US convertible bond market, pocketing $875m after pricing its debut issuance at the tight end of guidance.
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Deals set to be issued by the Province of Ontario and Development Bank of Japan on Wednesday attracted good demand, reflecting their higher yield relative to other dollar supra and agency bonds.
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US Commodity Futures Trading Commission chairman Heath Tarbert has followed in the footsteps of his predecessor, Christopher Giancarlo, in issuing a strong warning on the European Union’s EMIR 2.2 rules.
