North America

Nasdaq-listed Chinese company Pinduoduo has printed its debut convertible bond at the tight end of price guidance, pocketing $875m.

Kommuninvest kicked off the dollar market this week with a $1.25bn blowout, despite it being at record tight levels over Treasuries, according to a banker on the deal. Following on from Kommuninvest’s deal, a wide range of SSAs look to print across the curve, including rare issuer IDB Invest with its five year dollar bond debut.

Chinese e-commerce platform Pinduoduo has opened books for a convertible bond backed by its American Depository Shares, in what has become an increasingly popular corner of the equity-linked market.

The Province of British Columbia has weathered volatility from the fallout of last week's meeting of the US Federal Reserve to return to the dollar market for the first time in four years. Another rare SSA issuer, IDB Invest, also plans a return to the dollar market, with investor calls set up for this week ahead of its five year debut.

In this round-up, the US exempted 400 Chinese goods from import tariffs while China cancelled trips to US farms, two top Chinese regulators jointly addressed funding difficulties facing smaller corporations and custom authorities detained a FedEx pilot on suspicion of carrying ammunition.

In this round-up, deputy-level trade negotiators from China and the US have met, the People’s Bank of China left the medium-term lending facility rate unchanged and the Shanghai government issued more measures to attract foreign investment.

In this round-up, the gap between Japan's and China’s holdings of US Treasuries widened, Moody’s downgraded Hong Kong's outlook and Bank of China Manila branch gained renminbi clearing bank status.

The US corporate bond market shrugged off two market interventions by the Federal Reserve this week — an emergency funding injection and an arguably underwhelming rate cut — as supply picked up on Thursday with trades from Wal-Mart and Volkswagen.

Two Canadian issuers revitalised the dollar covered bond market this week as Royal Bank of Canada raised €1.5bn of three year funding on Tuesday at half the cost of its senior funding and at a substantially lower cost than a year ago. The transaction was followed by Fédération des caisses Desjardins du Québec (FCDQ) which opened order books for another three year on Thursday.

Minera México, the largest subsidiary of Southern Copper Corporation, priced flat or inside its parent company’s curve on Thursday as investor appetite for Mexican credit shows no sign of easing.

Canadian Imperial Bank of Commerce did not have to pay any premium to investors on Wednesday to launch its first fixed rate senior deal in the sterling market, which has coped well with a mass of supply in recent days.

Wells Fargo hasn't wasted time in the bond market this week. It launched a euro senior bond on Wednesday, a day after raising sterling debt. Concurrently, Spanish lender Kutxabank was marketing a senior non-preferred bond in euros, its debut in the format.