North America

ONE Championship, the pan-Asia mixed martial arts promoter and media company co-founded by a former hedge fund manager, is in early discussions with banks about a planned global listing in the US.

Bank of America on Tuesday joined the other large US banks in announcing strong first quarter results, booking profits for the period of near $4.9bn, some 40% more than in the first quarter of last year.

Peer-to-peer lender China Rapid Finance has launched bookbuilding for its US listing, which could raise $115m, according to a termsheet seen by GlobalCapital Asia.

ONE Championship, the pan-Asia mixed martial arts promoter and media company co-founded by a former hedge fund manager, is in early discussions with banks about a planned global listing in the US.

A glimpse of the future has arrived with the publication of a report modelling the credit risk banks face from drought. The effect on loan portfolios could be severe — and the research illustrates the new kinds of risk management banks will have to do as the world’s climate becomes more volatile.

The friendly meeting between US president Donald Trump and his Chinese counterpart Xi Jinping last week has ushered in warmer relations, with Trump stating on April 12 that the US Treasury will not label China a currency manipulator. Meanwhile, the two sides are working on a framework for greater market access to be delivered in just over three months.

The financing arms of General Motors and Toyota stood out in an otherwise subdued week for US corporate bond issuance in the run-up to the Easter weekend.

US high yield corporate default rates — a market led by companies in the commodity and energy industries — have seen little improvement despite the stabilisation of oil prices, CreditSights data showed on Wednesday.

Mizuho has hired another banker as part of its expansion in West Coast investment banking. The bank has been building out its tech team in its San Francisco office, but has now hired for healthcare investment banking as well.

French dough maker Cérélia has launched a €345m loan package for its acquisition of Canadian cookie and muffin maker English Bay Batter, joining UK nurseries firm Busy Bees in signing a roll-up acquisition.

Telenor, the Norwegian telecoms company, has sold a 4% stake in Veon, the Russian telco formerly called VimpelCom, for $262.5m through a block trade.

A German MEP reignited the explosive topic of London-based euro clearing on Tuesday, proclaiming that “EU citizens decide on their own money.” A move to force euro clearing to take place inside the eurozone could raise the cost of derivatives collateral and damage risk management, lawyers warned, as well as denting the City's position as a financial centre. Costas Mourselas and Jean Comte reports.