North America

Blank check company Bridgetown Holdings, which is focused on southeast Asia, has raised $550m from a listing on the Nasdaq.

As even the IMF asks Mexico to spend more to prop up the economy during the Covid-19 crisis, deputy finance minister Gabriel Yorio denied accusations that the country’s forthcoming budget was austere. Despite concerns in the market about the lack of policy support for the economy, some investors see value in the country’s bonds.

The leading US investment banks raked in fees from equity origination in the third quarter, with Goldman Sachs, Morgan Stanley and Bank of America all doubling their ECM revenues year-on-year.

Equity markets are pricing in a big win for Democrats in the US elections in November, meaning a large post-election stimulus package to help the economy through Covid-19. However, they should be wary as president Donald Trump is far from beaten.

Chinese discount retailer Miniso Group Holding raised $608m from a successful US listing on Thursday, after pricing the deal above the marketed range.

The former head of global debt capital markets origination at Deutsche Bank has linked up with 40 of his former colleagues to form a capital markets advisory firm very much in the spirit of the times — as a network that operates online — as the coronavirus pandemic forces a rethink of traditional investment banking models.

A weighty corporate hedging transaction has added to the momentum of the US rates market’s transition from Libor. JP Morgan executed a $500m swap referencing Sofr with a blue chip corporate, Unilever.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, October 12. The source for secondary trading levels is ICE Data Services

US senator Marco Rubio wants his government to find a way to delay the listing of Ant Group, even though it is happening outside of the US. The move would undoubtedly be bad news for US banks but it also appears to offer little upside to politicians.

The Argentine City of Córdoba on Monday said it was still negotiating with a creditor group holding “a significant amount” of its $150m international bond, but that it had not been able to reach an agreement before non-disclosure agreements expired.

Canpack, a Poland-based packaging company, is making its debut in the euro and dollar high yield market this week, as it seeks to shake off the constraints of its private placement-based capital structure and prepare for expansion in the US.

This week in Keeping Tabs: ETFs during the market meltdown and the economics of vending machines.