North America

HSBC’s new global banking boss has quietly redesigned the division and fleshed out a cohesive corporate finance strategy that plays to its strengths, writes David Rothnie.

US Democrat senator, and presidential hopeful, Elizabeth Warren wants to upend private equity. She has proposed a bill which would stop PE money flowing to some sectors altogether and would send deal numbers and valuations plunging. But it could also lower borrowing costs, reports Karoliina Liimatainen.

JP Morgan became the first US bank to issue a preferred bond linked at the back-end to the secured overnight financing rate (Sofr), amid a torrent of bank supply in dollars this week.

As the market prepares for Libors to end their run as the world’s most prevalent reference rates, there is growing support for the benchmarks to be reprieved.

Canadian Imperial Bank of Commerce reopened the Australian dollar covered bond market on Thursday with one of the largest deals from an overseas issuer at a cost that matched that of its dollar funding.

Bank of Montreal offered dollar investors a very rare chance to buy Canadian additional tier one paper this week, having spied an opening for a tightly priced deal.

The World Bank is targeting $50bn-$60bn of funding for its 2019/20 funding year, which began on July 1, and will keep busy during the summer.

Wanda Sports Group has cut 38% off the size of its live US IPO, having reduced the stock on offer and trimmed price guidance as it confronts investors nervous over their unfamiliarity with the company.

Mexico showed that even trickier credit stories could take advantage of the borrower-friendly rates environment, surprising many with a $3bn liability management exercise just two weeks after finance minister Carlos Urzúa resigned.

Investors jumped at the chance to buy Canadian Imperial Bank of Commerce’s Australian dollar covered bond on Wednesday.

In this round-up, the Shanghai Star market officially opened on Monday morning, the People’s Bank of China, the China Securities Regulatory Commission and the China Banking and Insurance Regulatory Commission formally announced 11 market reform measures, and the Mainland made the largest sorghum purchase from the US since last April.

In this round-up, China lowered its holdings of US Treasuries yet again in May, new issuance of local government bonds has skyrocketed and regulators are wooing state-owned enterprises (SOEs) to list on the new Shanghai Star market.