North America

Confectionery group Mars piled up an order book of $28bn for its debut dollar bond this week, underlining the sheer weight of money pouring into high grade credit.

Canadian Imperial Bank of Commerce (CIBC) has become the last big Canadian bank to hit the dollar market with a deal to comply with the country’s new bail-in regime.

As the first quarter of 2019 comes to a close, the International Finance Corporation is taking stock, to inspect its funding needs. It is well-funded, and looking to only print on the private market to meet its targets.

An obscure but growing asset class has received a stamp of approval from one of the most celebrated investor types: sovereign wealth investment has started to flow into litigation finance.

Chinese streaming platform iQiyi, which is backed by internet giant Baidu, tapped the equity-linked market this week with a record-breaking deal — the largest American Depository Shares (ADS) convertible bond — and could help boost issuance in the asset class. Jonathan Breen reports.

Chinese streaming platform iQiyi bagged $1.05bn on Tuesday after tapping the equity-linked bond market for a second time, pricing the deal at the issuer-friendly end of guidance.

ABN Amro is looking for a branch licence for its US business, GlobalCapital understands, which the Dutch bank believes would allow it to be more efficient from an operational point of view.

Nasdaq-listed video streaming platform iQiyi has returned for a second time to the equity-linked market, having launched a one-day bookbuild on Tuesday for a convertible bond that could reach $1.05bn.

Chinese influencer platform Ruhnn Holding has kicked off bookbuilding for its Nasdaq IPO, targeting up to $135m in proceeds.

In this round-up, Cassa Depositi e Prestiti signed a memorandum of understanding (MoU) with Bank of China to issue a Rmb5bn Panda bond, Bank of Beijing and ING agreed to launch a JV and the Shanghai tech board published detailed information on nine IPO candidates.

Canadian regulator Carolyn Rogers has been appointed as the next secretary general of the Basel Committee on Banking Supervision, replacing William Coen.

In this round-up, Chinese president Xi Jinping starts a five-day visit to Europe, the eighth and ninth rounds of trade talks are scheduled and local government bonds will soon be available at bank counters.