North America
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Melco International Development is planning to spin off and list its Macau gambling and entertainment resort Studio City in the US, according to a Hong Kong Stock Exchange filing on Monday. -
Nasdaq-listed YY launched a share sale on Monday that could raise around $463m based on its latest price.
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Trinseo, a US manufacturer of plastics, latex binders and synthetic rubber, opened investor calls on Monday for a new unsecured bond, as it plans to repay all of its bonds due in 2022.
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The US market is expected to dominate corporate bond issuance this week. The final new deals before Wall Street all but shuts down for its annual two week break could feature one large deal, while pricing may be affected by the ongoing war of words between the US and North Korea.
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Chinese biopharmaceutical company Zai Lab has appointed a pair of firms to lead its US listing, as a host of other Mainland companies also prepare to float across the Pacific.
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The People’s Bank of China puts preventing systemic risk as a priority in its quarterly policy report, China’s non-financial outbound direct investment (ODI) falls in the first half, and US president Donald Trump wants to start an investigation into potential Chinese violation of US intellectual property policy.
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British American Tobacco’s $21bn-equivalent raid on corporate bond markets either side of the Atlantic took all the headlines this week, but while it was the only story in Europe, the US market saw plenty of other deals.
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Nasdaq-listed Chinese biopharmaceutical firm BeiGene has bagged $175m from a follow-on public offering of American Depositary Shares (ADSs).
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UBS has brought one of its most seasoned executives in Asia out of retirement to take up a senior position in the investment banking unit.
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The US investment grade corporate bond enjoyed a huge week of issuance as nine borrowers printed deals on Monday before British American Tobacco delivered $17.25bn on its own on Tuesday and plenty more came on Wednesday and Thursday. Bankers predict another heavy week to follow before supply slows for the traditional summer break.
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Filecoin, one of the first cryptocurrencies to function in explicit compliance with SEC securities regulation, is set to launch on Thursday on a platform called Coinlist, a fund-raising platform to help start-ups run their own "initial coin offerings". The offering is a test of whether the controversial capital raisings can function in accordance with rules designed for shares and bonds.
