North America

Talk about dry January. It hasn’t been the fizzy start to the year that European capital markets specialists were hoping for.

The Chinese Panda bond market has gone from strength to strength since its revival last September with the Province of British Columbia (BC) becoming the latest to issue, raising Rmb3bn ($456m) on Thursday. While plenty more sovereign and financial deals are being lined up, the future does not look bright for red chip companies. Carrie Hong and Rev Hui report.

Veritas Technologies, the US software firm that Carlyle Group is buying from Symantec, will aim to complete a revised $7.4bn sale next week after failing to secure financing in November.

Barclays insists it can continue to thrive in Asian and emerging markets equity financing and equity derivatives, even while closing its cash equities businesses in those regions. It also wants to strengthen its core investment banking activity in Europe and the US.

A big MBS settlement and a continued slump in trading and fixed income, currencies and commodities businesses slashed net earnings at Goldman Sachs by 65% in the fourth quarter of 2015.

The Province of Manitoba has returned to euros early in 2016, printing €45m of 25 year paper through Scotia Capital.

Canada’s Office of the Superintendent of Financial Institutions (OSFI) could allow the country’s banks to issue more covered bonds. The supervisor will begin a consultation this year which may lead to a change of the 4% limit on covered bond issuance.

Lloyds, Dexia Crédit Local and Wells Fargo have all sought dollar funding this week, turning away from a bare European market to take advantage of a brighter tone in the US after bank results.

The dollar has been left as the only accessible currency for European banks looking to print benchmark debt so far this week, as even covered bonds succumb to a global market rout.

The Province of British Columbia (BC) has announced price guidance for its upcoming Panda bond, which is set to go live on Thursday.

BeiGene is looking to raise $132m from a Nasdaq IPO, with the firm kicking off bookbuilding on Tuesday for what will be the year’s first listing of a Chinese issuer in the US.

Forcing more companies to register as swap dealers would be "destabilising" to banks and "would undermine rather than promote proper risk management" among banks and their customers, according to counsel for the American Bankers Association.