North America

Gregg Lemkau is leaving Goldman Sachs at the end of the year and will head up an alternative investment firm linked to tech entrepreneur Michael Dell. Jim Esposito will take over as joint head of the investment banking division at Goldman.

The Financial Stability Board has said that it will look at policies to address systemic risk when it comes to financial intermediation involving non-banks, as it seeks to learn lessons from the market meltdown at the cusp of the coronavirus crisis in March.

Chinese housing-related platform operator Ke Holdings, which listed in August in New York, is back again to the equity market. It is looking to raise around $2.6bn from a follow-on offering.

Chinese e-commerce giant Pinduoduo has kicked off a multi-billion-dollar equity fundraising exercise, taking advantage of a sharp rally in its share price this year to aim for as much as $4.85bn.

Latin America DCM bankers’ promises that a sovereign would jump on recent market positivity materialised on Monday as Mexico turned to international bond funding for the fifth time this year with a heavily oversubscribed liability management exercise that totalled $6.625bn, once switch-tenders were included.

Chinese beauty company Yatsen Holding has set its New York Stock Exchange IPO in motion, kicking off bookbuilding for a $616.9m listing.

Mexican power generator FEL Energy is the most recent Latin American credit to announce bond issuance plans but bankers covering the region expect several drive-by trades this week before the US Thanksgiving holiday cuts the window short next week.

This week in Keeping Tabs: what a Biden administration means, the people behind the BioNTech vaccine, the link between commercial property and bank equity, and a proposal for dealing with debts in poor countries.

Convertible bond issuance in the Americas is poised to top $100bn in 2020 as the year enters its final straight and companies look to use the momentum of Joe Biden’s victory in the presidential election and the prospect of a working Covid-19 vaccine on the near horizon to raise capital.

Latin American bond bankers said that Mexican telecoms company Total Play Comunicaciones’ debut bond issue on Monday — the second Mexican high yield deal since the onset of Covid-19 — was an encouraging sign for other issuers from the country.

A Joe Biden White House offers an opportunity for international and regional multilateral financial institutions to lobby for extra financing to deliver essential assistance to countries hit by Covid-19, according to experts.

Bristol-Myers Squibb and Verizon took advantage of surging demand for high grade corporate bonds this week to print multi-billion dollar trades to fund mergers and acquisitions and future investment.