North America

Chinese video streaming platform iQiyi filed a draft IPO prospectus with the US market regulator on Tuesday. It is aiming to raise up to $1.5bn from its listing this year.

Three public sector borrowers hit screens in euros on Tuesday, taking advantage of a hot market to offer zero or limited new issue premiums.

The European Union’s upcoming April 2033 euro benchmark may have to offer a little more premium than usual if it wants to match a similar trade from the European Investment Bank last week and attract strong French demand, said bankers away from the mandate. Other euro supply in the pipe includes CPPIB Capital — also with a 2033 issue — and Rentenbank in sevens.

TP ICAP, the inderdealer broker, on Monday revealed that it has promoted from within and made new hires for its institutional services division.

The US private placement market is welcoming more utility issuers, according to participants, after changes to the minimum eligibility threshold of the Bloomberg Barclays US Aggregate Index.

International law firm Mayer Brown has hired eight lawyers from the New York and San Francisco offices of Morrison & Foerster, including capital markets partners Anna Pinedo and James Tanenbaum .

Bright Scholar Education Holdings is out with its first follow-on offering since its IPO last May, and is gunning for about $200m.

Sunlands Online Education Group is planning an up to $300m IPO of American Depository Shares (ADS), according to a draft prospectus submitted to the US regulator on February 23.

The outlook for Canadian covered bond supply in euros is not as grim as it seems, despite the fact that the nation’s lenders have already issued three quarters of what they supplied in euros In 2017, the cross currency basis swap is not particularly compelling and senior unsecured funding is cheap in dollars.

The US government’s agreement to remove the country’s debt ceiling early in February has left the buy-side waiting for a wave of issuance from the US Treasury. But as opportunities arise for investors, one has warned that the public may end up seeing the bond market as “the bad guys” as rising yields help public sector borrowers but hinder corporates in the front end of the dollar curve. Nigel Owen and Craig McGlashan report.

The US Department of the Treasury defied Republican calls to scrap the Orderly Liquidation Authority this week, after publishing a report in which it recommended an overhaul of the nation’s framework for dealing with failing banks.

The dollar high-grade calendar snapped back to life on Wednesday and Thursday, but bankers remain cautious as a significant uptick in rates will severely test pricing levels and investor appetite.