North America

Deutsche Bank is looking to shift up to $9.7bn of dollar-denominated debt from European issuance entities to its New York branch, as part of an effort to avoid being taxed more heavily under US president Donald Trump’s incoming tax reforms.

Thunder Bridge Acquisition has filed for a $200m Nasdaq IPO, set to be the first special purpose acquisition company (Spac) focused on China’s financial technology sector.

Huya, a live streaming platform backed by YY and Tencent, has started bookbuilding for its up to $180m IPO on the New York Stock Exchange.

High yield notes sold by co-working space company WeWork dropped in four straight days of secondary trading after they were sold last Wednesday, less than a week after buyers piled into the offering in an apparent vote of confidence for cash burning companies.

DTE Electric Co has become the newest member in the slowly growing club of investment grade US electric utility companies that have issued bonds explicitly marketed or certified as “green”.

Canadian banks will be able to issue debt to meet their total loss-absorbing capacity (TLAC) requirements from September, with issuers focused on the costs of what they expect will be an otherwise straightforward process of rolling over their maturing debt.

The investment grade corporate bond market in the US finished April on a high, with more than $8bn of issuance on Monday. Issuers wanted to get the deals done before the US Federal Reserve met on Tuesday and it was a European issuers that led the way.

Fintech firm Paysafe was out in the leveraged loan market this week with a chunky $800m extension of the loan deal it sold for its own acquisition in November.

Miami International Securities Exchange (MIAX Options) has started publishing a new equity volatility index, based on options on the famous SPDR exchange-traded fund referencing the blue chip S&P 500.

US corporate bond bankers are hoping for a busy start to the month for the dollar new issue market as companies emerge from earnings blackouts to bring some big M&A trades.

MUFG has started a round of redundancies in its securities business, with several jobs in London and New York said to be at risk. GIobalCapital understands that not all those who will be put at risk of redundancy have yet been notified but fewer than 35 staff will be affected.

Two issuers with double-B ratings, Darling Ingredients and Avast, achieved substantial financial cost savings with repricings this week, as pricing for top rated paper still looked attractive despite a recent uptick in spreads.