North America

JP Morgan has created a new unit within its global equity derivatives division focused on insurance structuring – an area that the US bank sees as a key component of the growth of its equities franchise.

Toronto–Dominion Bank’s (TD) €1.75bn five year covered bond, which was issued on Wednesday, was priced 13bp tighter than where it might have launched in January when five other Canadian borrowers entered the market with similar deals.

Resorts World Las Vegas (RWLV), a subsidiary of Malaysia’s Genting Berhad, priced a larger-than-expected $1bn bond on Tuesday, at a level that was more aggressive than market participants had anticipated.

Streaming platform Bilibili pulled off a combined convertible bond and American Depository Share (ADS) placement this week, raking in $737.4m after the fundraising was increased following strong Asian demand. The deal comes just a week after its larger peer iQiyi sold a record ADS convertible. Jonathan Breen reports.

Nasdaq-listed Chinese streaming platform Bilibili has opened books for a concurrent convertible bond and placement of American Depository Shares, eyeing combined proceeds of up to $614m.

The dollar market is expected to provide just a handful of deals this week, with a benchmark for the Province of Quebec and a short dated floater for Eurofima up first.

In this round-up, Chinese government and policy bank bonds are included in the Bloomberg Barclays Global Aggregate Index, JP Morgan and Nomura win permission to set up securities JVs and China’s Purchasing Managers’ Index (PMI) rebounds from a three-month low.

Colm Kelleher, president of Morgan Stanley, is retiring after three decades at the US bank. A clutch of senior staff will now report to CEO and chair James Gorman directly.

Tim Sloan, CEO and president of Wells Fargo, has announced his retirement, after several years of regulatory and legal pressure on the bank as a result of mis-selling revelations. Sloan was a Wells veteran; the US bank will now not choose one its own staff as his permanent replacement.

In this round-up the Ministry of Finance cut the subsidy for purchasing new energy vehicles by more than half, Ireland-domiciled funds gained a new way to access the Chinese interbank bond market, and China's central bank opens up

JPM securitization banker leaves — Goldman Brexiter quits for politics — Balax enrols in fintech course

David Malpass, Donald Trump’s nominee to take the helm at the World Bank, has cleared two hurdles in the way of the job after holding a “positive” meeting with bank staff representatives and passing his interview with shareholder countries.