North America

Fixed income investors should be better prepared for a trade war between the US and China, according to Arvind Rajan, managing director and head of global and macro at PGIM Fixed Income.

Thunder Bridge Acquisition began trading on the Nasdaq this week after sealing a $230m IPO. It is the first special purpose acquisition vehicle (Spac) to focus purely on China’s financial technology sector.

Standard Chartered bank has hired two people to cover macroeconomics in the Americas.

Bayer’s €5bn four-tranche corporate bond offering on Tuesday not only cleared the way for other issuers to approach the market, but the €22.5bn of demand gave four issuers the confidence to sell a variety of deals in Europe on Wednesday. €3.5bn was issued in the euro market and £1bn in sterling.

BMC Software, the US IT firm, has revealed the loan leg of the funding for its leveraged buyout by KKR, a $4.4bn facility in dollars and euros. It is the first multi-billion leveraged loan deal for four weeks, after a battery of large offerings early in May.

The Commodity Futures Trading Commission on Monday settled with JP Morgan for $65m over charges that its traders had attempted to manipulate the dollar IsdaFix swap rate benchmark between 2007 and 2012.

Chinese education firm Puxin popped on its first day of trading on the New York Stock Exchange last Friday, and has stayed strong since, after pricing its IPO at the bottom of the marketing range.

The Bank of England has released a new working paper on the impact of the leverage ratio for derivatives, arguing that the ratio had a “disincentivising effect” on client clearing for the period evaluated, confirming the views of many industry participants.

Developing markets investment bank Exotix Capital has continued its recent expansion and made three new hires to its global equity team.

JP Morgan and National Australia Bank exploited improving market conditions to print benchmark trades this week, as they jumped into the market before the Federal Reserve voted to hike rates.

HSBC showed the strength and depth of the dollar market this week, taking $3bn of new holding company level funding out of the market little more than a month after it had raised $6bn in the currency.

CPPIB Capital achieved a double whammy with its debut green bond this week, bringing the first international sale of a green bond by a pension fund that grew into the largest ever green bond in Canadian dollars.