North America
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Chinese wearables manufacturer Huami Corp has kicked off bookbuilding for a $120m IPO of American Depository Shares (ADS). -
Data releases by a number of monetary authorities show uneven turnover in RMB-denominated FX transactions around the globe.
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GDS Holdings raised $286m from the sale of new and existing equity last Friday after demand came in better than expected, allowing the secondary portion to be doubled.
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The Chicago Mercantile Exchange Group on Wednesday said that it had seen record open interest for Eurodollar futures, at 14.5m contracts, partially attributing the move to hedging for potential Fed rate hikes.
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Bilibili, a popular Chinese video-streaming website for Japanese animation, is eyeing a $400m IPO in New York later this year.
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Public sector borrowers this week set new landmarks in what has already been an exemplary year in dollars, as KfW sold the largest 10 year dollar benchmark in 2.5 years and the Nordic Investment Bank priced the tightest deal versus swaps of 2018 so far. SSA bankers are confident that conditions will hold at both ends of the curve — allowing the possibility of further long end supply and even lower short end spreads.
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A series of US banks tapped the dollar market this week, but there was an overriding sense of disappointment as volumes failed to live up to expectations.
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US Treasury secretary Steven Mnuchin’s perceived attempt to talk down the dollar on Wednesday drew the ire of ECB president Mario Draghi, but the latter's insistence on playing fair is going to make his job more difficult.
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US high-grade corporates began to emerge from earnings blackout but few are predicting the usual flood of bond issuance as fears over rising inflation and the impact of tax reform could keep borrowers on the sidelines.
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Two influential derivatives trade bodies have questioned elements of a European Commission proposal that would centralise supervisory powers with pan-European securities watchdog ESMA, arguing that national supervisors have a “strong knowledge of local markets” and that the move seemed “premature”.
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Scotiabank looks set to enter the US private placement market, after it hired an experienced banker from National Australia Bank.
