North America

In this round-up, US president Donald Trump unexpectedly announced an increase in tariffs on China, the People’s Bank of China (PBoC) bumped up the re-lending quota for smaller banks and Mainland regulators said they are not planning to use the property market as a short-term stimulus.

Southern California Edison has priced a $1.2bn dual tranche corporate bond offering after its credit ratings were placed on a firmer footing in the wake of a wildfire risk mitigation law.

Bank of America proved on Thursday that there is still plenty of room for euro issuance, even as the market scrambled to work out the impact of the US Federal Reserve's first rate cut in a decade. The US issuer sold a €1bn senior unsecured bond after attracting orders two and half times that size.

Banks are racing to expand their sponsors coverage teams as they fight to remain relevant to private capital providers at a time of disintermediation in investment banking. By David Rothnie.

North Carolina-based health technology company Iqvia managed to shave off a chunk of its interest expenses on Wednesday by refinancing its $800m bond in the euro market. Investors grabbed the opportunity to invest in a high-growth listed company, which are still rarities in Europe, a banker involved in the deal said.

UBS and Citi trader Tom Hayes was jailed for 11 years for manipulating Libor. But while the trader argued that he was made a scapegoat for the financial crisis, perhaps the rate he rigged is a bigger victim.

Chinese robotics company CloudMinds has taken its foot off the pedal for its New York Stock Exchange IPO, initially expected around this week, and is instead waiting for less volatile global capital markets, according to sources close to the deal.

Chinese media company Wanda Sports Group has raised just $190.4m after pricing its Nasdaq listing below the marketed range, despite having already revised down the initial guidance and size of the IPO.

Hong Kong-headquartered AMTD International has launched bookbuilding for its New York Stock Exchange listing, seeking to raise up to $176m.

Chinese financial accounting platform 9F has set the ball rolling for an IPO in the US that will be worth as much as $150m.

In this round-up, the US and China will meet in Shanghai next Tuesday to continue trade negotiations, newly elected UK prime minister Boris Johnson showed some love to China and Mainland regulators are continuing a crack-down on real estate financing firms.

Mexico responded to the lower rates environment on Tuesday with an opportunistic $3.56bn liability management exercise, shrugging off any credit worries to issue at a very slim concession.