North America

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.

A staggering amount of capital has been raised by special purpose acquisition companies this year, but there is growing concern that the glut in supply will lead to many of the vehicles overpaying for M&A targets or being unable to find companies to buy.

Fédération des caisses Desjardins du Québec (CCDJ) issued a rare and well subscribed five year euro covered bond on Tuesday, which was priced inside fair value. The outcome was similar to a recent deal from National Bank of Canada, but is not expected to boost supply prospects.

China-based Energy Monster, a mobile device charging company, has kicked off the roadshow for its Nasdaq listing. It is eyeing up to $218.7m from the deal.