North America

After a year-long frenzy, the primary market for US convertible bonds has cooled, following a rotation out of technology stocks and jitters over rising yields on government bonds. An injection of realism is no bad thing, however, and should be welcomed in a market that has almost doubled in size within the space of a year.

Deutsche Bank has told staff in New York that they should prepare to be back in the office by Labor Day (September 6), as the firm works on plans to allow more remote working for some in the future.

Citi has hired Chuck Adams from Goldman Sachs to oversee a newly formed investment banking unit combining the traditional healthcare sector with consumer and retail coverage.

Mexican building materials company Cemex is looking to sell a perpetual hybrid bond that it believes will help it towards its target of building an investment grade capital structure.

Grupo Axo, the Mexican fashion retailer, sold $325m of five year notes on its international bond market debut on Tuesday, tightening the price as bankers said Latin America bond markets were in a sweet spot for new issuance.

Two senior leveraged finance lawyers have switched firms from White & Case to Allen & Overy in New York, following Jake Mincemoyer, who joined A&O as head of US levfin in February.

Bank of Montreal attracted good demand for a €1.25bn eight year covered bond on Tuesday and paid a modest new issue concession. The outcome was deemed a fine result given that market conditions are not at their best.

China’s Full Truck Alliance (FTA), an Uber-like service for trucks, is planning an IPO on the New York Stock Exchange, having filed a prospectus with the US regulator.

AstraZeneca, the UK drug company, showed the eager demand for merger and acquisition financings this week when it achieved ultra-tight pricing on a $7bn bond issue to fund its acquisition of US biotech firm Alexion Pharmaceuticals.

A favourable move in the basis swap allowed the Province of Quebec to return to the Swiss franc market after seven years away this week, landing its latest bond at a spread flat to its domestic curve.

GlobalCapital is delighted to announce the winners of its Americas Derivatives Awards for 2021.

Kanzhun, China’s largest online recruitment platform, is planning a $100m listing of American depository shares on the Nasdaq.