North America

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.

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.