North America

Alibaba Group Holding’s shares in Hong Kong closed 6.51% higher on Monday, despite news over the weekend that the technology giant will be hit with a record fine of Rmb18.22bn ($2.8bn) by China’s regulators.

Mexico cleaned up a chunk of short-term debt maturities on Tuesday with a $3.26bn 2041 bond. The country’s deputy finance minister told GlobalCapital that the sovereign had decided to act fast to issue amid expectations that US Treasury yields will widen further.

Marvell Technology, the Bermuda-registered US chipmaker, jumped into the dollar bond market this week with a $2bn trade linked to a $10bn acquisition, after clinching the deal more quickly than expected.

KfW and CPPIB Capital achieved super tight pricings in the short end of the US dollar market on Thursday, with the former bringing the first deal with a negative spread to mid-swaps in the currency by a public sector borrower this year.

Chinese electric vehicle manufacturer Li Auto has raised $750m from its debut convertible bond, pricing the deal at the investor-friendly end of the marketed range.

Mexico’s deputy finance minister Gabriel Yorio told GlobalCapital on Wednesday that a block of Latin American countries was forming to ensure that the plight of middle-income economies was not forgotten as the world looks for ways to alleviate financial pressures on developing countries.

Canada’s Office of the Superintendent of Financial Institutions has removed the temporary increase of the covered bond issuance limit mirroring the Bank of Canada’s earlier decision to remove covered bonds as an eligible asset for repo funding.

Chinese online travel giant Trip.com Group is set to launch bookbuilding for its Hong Kong secondary offering this week, after getting the go ahead from the city’s bourse.

Mexico on Tuesday became the second Latin America sovereign to use the 20 year US Treasury bond as a benchmark for a new issue, initially raising $2.5bn of 2041 notes to finance a tender offer. Later in the evening, the sovereign said it would likely increase the size of the 2041s to $3.26bn, with holders of old bonds set to switch into the new notes.

Three SSA borrowers were set to come to market for five year paper on Wednesday, with two targeting fixed rate benchmarks and the other a five year floater linked to the secured overnight financing rate.

Borrowers packed deals into the US corporate bond market this week before the Easter holiday weekend. Among them, BMW enjoyed a strong order book for its first dollar issue for a year.

Deutsche Bank conquered the fallout from the liquidation of US hedge fund Archegos Capital this week to print its first preferred senior trade of the year.