North America

Chinese biotech firm Zai Lab has launched bookbuilding for a $105.9m IPO of American Depository Shares (ADS), and is counting on US investors favouring start-ups to support the deal.

Zai Lab is set to kick off roadshows on Tuesday for its $150m IPO on the Nasdaq, according to a banker leading the transaction.

A record-breaking month of high-grade dollar bond supply fizzled out as Hurricane Harvey, North Korea and the holiday season kept a firm lid on issuance.

Best, a logistics firm backed by Alibaba, started pre-marketing its $1bn IPO on the New York Stock Exchange this week, as a clutch of Chinese issuers also filed listing applications in the US.

ING has reshuffled its line-up of syndicated finance bankers, creating a new European regional head role while relocating its global head from London.

Europe's corporate bond market was firing on all cylinders on Wednesday. Three issuers launched deals, while others continue to fill up next week’s issuance pipeline.

The bookrunners on logistics company Best’s potential $1bn US IPO have kicked off pre-marketing, according to a banker working on the deal.

Chinese e-commerce luxury products retailer Secoo Holding is gearing up for a Nasdaq IPO that will be worth around $100m.

Banks scrambled this week to trigger credit default swaps on the back of Noble Group’s loan restructuring in June, after the Asian International Swaps and Derivatives Association determinations committee decided to dismiss the issue, a lawyer has told GlobalCapital.

Two Société Générale bankers have been indicted for allegedly manipulating Libor and causing $170m worth of damage to global financial markets, the American Department of Justice (DOJ) announced on Thursday.

Two holidays and September’s European Central Bank meeting will mean the next two weeks will offer short windows for issuance, but the success of the two deals that priced this week will inspire corporate bond issuers looking at the market.

Derivatives counterparties in the US have made enormous strides towards compliance with the September 1 end date for a grace period on variation margin rules for uncleared swaps, a stark change from six months ago.