United States

China’s challenger to Starbucks, Luckin Coffee, has raised $979.6m after increasing the size of a combined sale of new shares and a convertible bond, the first tap of the ADS equity-linked market in 2020.

In this round-up, the Chinese Ministry of Finance (MoF) transferred 10% of its shares in three large commercial banks to the state-owned social security fund, the Shenzhen Stock Exchange is set to welcome a new chairman and the US treasury secretary has denied rumours of inaccurate translation of the phase one trade deal.

In this round-up, Chinese vice premier Liu He will visit Washington DC next Monday until Wednesday, the State Administration of Foreign Exchange sends its deputy administrator to Guangdong and the Financial Stability and Development Committee reaffirmed the importance of small and medium-sized enterprises.

The sustainability-linked loan market is a glorious mess.

The loan market’s trade bodies are preparing to give new guidance about how to ensure sustainability-linked loans — in which borrowers can get a margin reduction if they hit sustainability targets — are genuinely “ambitious”. Bankers want to protect the market from rising concerns that some deals’ terms are too easy on the borrowers.

More than $30bn of dollar high grade bonds were printed in the US in the first four working days of 2020 as the year got off to a scorching start.

Yankee banks set a scorching pace for issuance in the first week of 2020 as they took advantage of red-hot funding conditions.

Kentucky-based speciality chemicals company Ashland sold a €500m eight year non-call life unsecured high yield issue on Thursday, bringing European high yield's first proper deal of the year, as part of its efforts to clean up its capital structure and switch to an unsecured financing profile.

JP Morgan has issued a $575m synthetic bond exchangeable into the American depositary receipts of Alibaba, the Chinese e-commerce company.

GlobalCapital is delighted to announce the nominees for this year’s Americas Derivatives awards.

Phoenix Tree Holdings, a Chinese co-living platform, has started taking orders for its up to $175m IPO on the New York Stock Exchange.

RBC Capital Markets has continued the development of its leveraged finance business by hiring Craig Campbell from HSBC.