North America

Tuya's shares soared nearly 20% on their debut in the US on Thursday, after the internet-of-things cloud platform provider raised $915.4m by pricing its IPO above the marketed range.

Several companies backed away from issuing dollar bonds on Thursday, after a dovish message by the Federal Reserve’s Open Market Committee on Wednesday failed to stem the rates sell-off. But Toyota Motor trusted that the market would be resilient and went ahead with its first industrial green bond.

National Bank of Canada’s €500m seven year covered bond issued on Thursday, showed that a positive spread to mid-swaps has a greater impact on demand than a positive yield.

The SSA market on Thursday was digesting the result of the previous night’s Federal Reserve meeting. Fed chair Jerome Powell took a dovish stance in spite of high economic growth, and some market participants believe that the strengthening inflation outlook could hurt demand for bonds at the long end of the curve.

A booming equity-linked market in the US is tempting a more diverse range of issuers to sell convertible bonds ahead of an expected economic rebound later this year, writes Aidan Gregory.

The SSA market on Thursday was digesting the result of the previous night's Federal Reserve meeting. Fed chair Jerome Powell took a dovish stance in spite of high economic growth and some market participants believe that the strengthening inflation outlook could hurt demand for bonds at the long end of the curve.

Verizon Communications, the US telecoms group, embarked on an almost $3bn niche currency bond issuing spree this week, which included the largest foreign Swiss franc bond since early 2018.

More US companies are rushing to take advantage of rising share prices by issuing convertible bonds, including Ford Motor Co, which is bringing a giant $2bn deal.

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.