North America

The pull of a big fee pool and global reallocation of capital and resources are prompting banks to rethink the way they serve clients in the technology sector on both sides of the Atlantic, writes David Rothnie.

Chinese companies have raised equity in the US at a record pace this year. The deal flow has quashed fears that a hostile White House would dissuade China’s hordes of technology startups from listing on the New York Stock Exchange and Nasdaq.

Senator Marco Rubio is the latest Republican in the US to launch an attack on what conservative voices have recently dubbed “woke capital,” apparently putting the GOP at odds with an investment world that has embraced ESG.

South Africa's Investec has launched a proprietary secondary loan trading desk in New York, having recruited a senior trader to lead it.

After Mexican conglomerate Femsa became the first issuer from the Americas to sell a sustainability-linked bond (SLB) in euros last week, Latin America bond origination bankers say they expect the region’s companies to continue to embrace the format.

Goldman Sachs made its second visit to the Maple market this year on Thursday. The Canadian dollar market is enjoying its busiest year in four years for offshore issuance.

Chinese health insurance and healthcare crowdfunding platform Waterdrop has kicked off pre-deal investor education for its US listing, according to a source close to the IPO.

BOC Aviation has sold a $750m bond through its US subsidiary, pricing its third dollar outing of the year at wider levels than some fair value estimates from analysts.

Chilean miner CAP and Mexican car parts supplier Metalsa on Thursday became the latest in a string of Latin American companies to price dollar bonds not only at the tight end of guidance, but inside the indicated range, as bankers say investors are being coy with bookrunners about their pricing expectations.

Corporate bond issues came at a healthy clip in the US market this week, despite earnings blackouts, as investors showed a preference for highly rated paper.

The Province of Ontario ended an absence of almost four years from the Swiss franc market this week to land a 12 year note at fair value. Elsewhere, Valiant Bank and Pfandbriefbank kept the domestic market ticking over with a handful of covered deals.

Canadian Imperial Bank of Commerce returned to the euro covered bond market for its first deal since March 2020, issuing a highly subscribed €1bn eight year flat to fair value this week. At the same time Laurentian Bank said that its programme had received regulatory approval.