North America

South Korean e-commerce company Coupang has increased the price range for its US IPO a day before wrapping up the deal, now putting proceeds of up to $4.08bn within reach.

The rise in US Treasury yields in reaction to the government's $1.9tr stimulus package has prompted a shift in equity markets away from highly valued tech stocks that may do less well if interest rates rise as a result of higher inflation. But if the switch means investor portfolios reflect the wider economy, that is a positive development.

Zhihu, China’s largest question-and-answer platform, has set its New York Stock Exchange IPO in motion.

European equity capital markets continued to reel from volatility across the Atlantic on Friday. A sell-off in tech stocks is making the block trade market difficult and a popular IPO suffered on its first day of trading.

Large US banks want the Federal Reserve to extend a measure allowing them to exclude Treasury bond exposures from their leverage ratio calculations. But other industry figures are pushing back. Senators have warned against the risks of letting temporary Covid support become more permanent.

Tyler Technologies, the US develop of software for local government, has raised $525m via the sale of new convertible bonds, capping off the busiest week of the year so far for US equity-linked issuance.

March got off to a red-hot start in the US corporate bond market, as issuers shrugged off market volatility and bombarded investors with deals, making it one of the busiest weeks of the year so far.

The US convertible bond market is charging ahead despite a sell-off in technology stocks over the past fortnight, with multiple jumbo transactions this week from some of the world’s best known companies. The frenzy has left many wondering what it will take to derail one of the hottest corners of the capital markets. Aidan Gregory reports.

Europe’s equity bankers are looking nervously across the Atlantic at a prolonged sell-off in US stocks that began when fears of impending inflation caused investors to dump tech stocks. The contagion has spread to the European markets, with investor fear starting to show in recent block trades, writes Sam Kerr.

Fitch Ratings said on Wednesday that it would continue to provide international ratings and research on Mexican government-owned oil giant Pemex even after the issuer said it was dispensing with the agency’s services. Previously, Mexican president Andrés Manual López Obrador had publicly criticised Fitch’s negative rating actions on Pemex, which accounts for nearly 10% of investor holdings of EM corporate bonds.

Coupang, an e-commerce company, has kicked off bookbuilding for an up to $3.6bn IPO that is set to be the largest ever US listing by a South Korean issuer.

Online car marketplace Autohome has launched the roadshow for a secondary listing in Hong Kong. The float of new and existing stock could raise up to HK$7.6bn ($983.2m).