North America

The US cities of Atlanta and Baltimore are preparing to issue innovative impact bonds to finance construction of new green infrastructure, such as parks, to soak up floodwater. The deals will pay investors extra if the infrastructure performs better than expected.

US medical technology company Stryker had to wait longer than it planned for its debut in the European corporate bond market, but when the chance to launch the deal came on Tuesday, it achieved the hat-trick it was aiming for with an extra tranche added for good measure.

Some equity investors are hoping for a surprise gift before year-end if Donald Trump strikes a deal with Chinese president Xi Jinping at the G-20 summit in Buenos Aires to end trade hostility between the two nations, but they're clutching at straws.

African Development Bank and Nederlandse Waterschapsbank hit screens on Monday for SRI bonds. Meanwhile, CPPIB Capital will aim to issue its first green bond in euros early next year, following the conclusion of a pan-European roadshow last month.

In this round-up, People’s Bank of China (PBoC) signs a currency swap with Indonesia, Shanghai and Shenzhen Stock Exchanges publish rules to limit the length of trading halts, and the Chinese authorities publish new rules to boost the domestic free trade zones (FTZs).

Another bruising week for equities is testing frayed nerves in equity capital markets, with this week’s US tech-stock sell-off adding to worries about issuance in 2019, writes Sam Kerr.

Investors have become more cautious about a popular derivatives volatility trade amid concerns of increased US equity turbulence in the weeks and months to come.

Takeda Pharmaceutical, the Japanese firm buying UK rival Shire, defied tough market conditions to press ahead with a $5.5bn trade to help fund its $62.5bn acquisition ahead of the Thanksgiving holiday.

Bankers in the corporate bond market still have a number of deals on their pads to try to execute ahead of the end of 2018. None was successful this week, but that hasn’t dented their ambition.

TrueEX, the New York-based electronic trading platform provider, will carry on its legal fight against 11 dealers after a US district court ruled against the banks' motion to dismiss the suit.

US medical technology company Stryker is still looking to bring its debut euro transaction following its recent roadshow, but is waiting for market conditions to improve before pushing its triple-tranche offering into the market.

The US Federal Reserve has been raising rates for nearly three years now and was tapering its quantitative easing for two years before that. Meanwhile the European Central Bank was still cutting its rates and only in 2018 did it start tapering its quantitative easing. However, the change in the ECB’s policy may mean we see growth converging rather than diverging and it is something investors are already considering.