North America

A US presidential memo from Trump against China kicks off what could become a series of tit-for-tat tariff moves.

Equity market volatility in the US spiked this week as investors scrambled to position for emerging risks, including impending tech regulation, an escalating trade war and rate hike worries.

Anheuser-Busch InBev timed a $10bn multi-trancher to perfection this week as it jumped into the market to extend maturities ahead of the Federal Reserve’s rate interest rate hike.

The Financial Services Committee of the US House of Representatives on Wednesday waved through a bill that could allow banks to remove initial margin for centrally cleared derivatives from their leverage exposure, and thus hold less capital.

The auto finance arm of General Motors opted for short maturities to try to ensure the success of its first bond sale of 2018, but the €1bn dual-tranche deal only received orders of €1.7bn and the lead managers were only able to tighten one of the tranches from initial price thoughts.

Canadian insurance holding company Fairfax Financial Holdings issued a eurobond for the first time on Thursday, taking advantage of more favourable market conditions.

DCM bankers in Asia are gearing up for a hectic April as investors put the US interest rate hike behind them. But how will borrowers, particularly those that are lower rated, navigate the many fundraising challenges ahead? Addison Gong finds out.

China’s promotion of a home-grown depository receipt market is already gaining traction, even before the rules around it are published, with the big four technology giants showing their interest in returning home. But while China Depository Receipts (CDRs) will put pressure on the Hong Kong exchange, it will be some time before they pose a serious threat, writes Jonathan Breen.

The order book for OneSmart International Education Group’s $212m IPO on the New York Stock Exchange is well covered across the price range, said a banker at one of the leads.

Bank of Nova Scotia (BNS) was this week obliged to pay a generous new issue premium for its second euro benchmark of the year, reflecting weaker credit conditions, investor indigestion and its desire to issue in large size.

Equity markets took a hit this week in the wake of revelations that big data political consultancy Cambridge Analytica, managed to obtain data from millions of Facebook profiles, sparking concerns about possible government-led crackdowns on data and tech companies around the world.

US health insurer Cigna has agreed a $26.7bn bridge loan from two banks as part of its deal to buy Express Scripts, in a transaction lenders say highlights how deep liquidity is in the market.