North America

Chinese streaming platform iQiyi has kicked off a combined convertible bond and follow-on offering that could raise around $1.7bn.

Cellectis, the French gene-editing company, has launched a $100m US capital raising to help fund its research and development operations. The sector has had a record year for issuance in 2020, as the Covid-19 pandemic has concentrated minds on global healthcare innovation.

This week in Keeping Tabs: the former governor of the Bank of England on value and values, The New Republic on law and value, reminiscing about the last crisis, and a pub snack en vogue.

Nio has launched a US follow-on offering that could raise up to $2.71bn, becoming the third Chinese electric vehicle (EV) maker to tap the equity market in less than two weeks.

CVS Health Corp jumped at the opportunity to conduct a liability management exercise this week, as US corporate bond issuance began to tail off amid signs of investor caution in the run-up to the year’s end.

China’s Xiaopeng Motors, an electric vehicle (EV) maker, leveraged on a big boost in interest in new energy stocks from investors to raise $2.16bn from a follow-on offering of its American Depositary Shares. Jonathan Breen reports.

Singapore-based consumer internet company Sea, whose New York-listed shares have soared by more than 400% this year, is looking to take advantage of that positive sentiment to raise around $2bn from a new equity offering.

The coronavirus crisis, new challengers, technology and capital requirements threaten to shake up the banking sector — and banks are likely to shift business models substantially, according to management consultancy firm Arthur D Little.

Investment bankers have piled up heaps of revenue for their firms this year, but their employers may feel the need not to be too generous with bonuses in the first few months of next year.

Barclays has invited holders of some of its legacy tier two bonds to exchange their notes for cash, as it looks to smarten up its debt capital structure.

Chinese electric vehicle manufacturer Xpeng is selling a chunk of new American Depository Shares (ADS) to fund research and development and further expansion.

European banks will have longer than expected to correct the fallback language in their dollar-denominated additional tier ones (AT1s), now that dollar Libor has been given an extra 18 months to live.