North America

Chinese video sharing and gaming platform Bilibili is set to launch its Hong Kong secondary offering this week, after winning listing approval from the city’s bourse.

Smart Share Global is drumming up interest in its Nasdaq IPO, which is expected to hit the market in late March, according to a source close to the trade.

Fitch downgraded Mexican broadcaster TV Azteca from C to restricted default (RD) on Friday after the 30 day grace period expired on a missed coupon payment. The rating agency is forecasting recoveries for bondholders in the 31%-50% range.

China’s Tuya, an internet-of-things cloud platform provider, has kicked off the roadshow for its US listing. It is aiming to raise up to $871.8m.

Former Olympic gymnast and billionaire entrepreneur Li Ning, founder of sportswear brand Li-Ning, has set up a blank cheque firm targeting the Chinese consumer sector.

Chinese internet giant Baidu has met with a rapid flood of early demand for its Hong Kong secondary offering, which is expected to raise around $3bn.

Any fears about the resilience of the US corporate bond market were set aside on Thursday when Verizon Communications amassed a $115bn orderbook and printed one of the biggest deals of the year.

A selloff of growth stocks and primary market indigestion have taken some of the steam out of the booming US convertible bond market, but it remains open to new issuers.

L Catterton Asia Acquisition Corp has bagged $250m from its Nasdaq IPO, as it becomes the latest special purpose acquisition company (Spac) focused on Asia to list in the US.

Secondary listings in Hong Kong got a fresh boost this week with online car marketplace Autohome pricing its deal and internet giant Baidu getting ready to roll out its transaction. More homecomings by US-listed Chinese companies are in the pipeline, but the number of viable candidates is shrinking, writes Jonathan Breen.

Coupang, a South Korean e-commerce company, scooped up $4.2bn from its IPO this week, after pricing the deal above the marketed range. It is the largest US listing from Asia since Alibaba Group Holding raised $25bn seven years ago.

The US Treasury is in the midst of a busy week, set to raise some $120bn across three auctions. Its first outing — $58bn of three year paper on Tuesday — was a success, but the 10 and 30 year outings on Wednesday and Thursday could be more of a challenge.