United States

JP Morgan has promoted a whole new layer of leadership in its investment bank, reaching down to debt capital markets, equity capital markets and M&A. At the top of the tree, Carlos Hernandez has moved from being head of global investment banking to executive chair and has appointed new co-heads of global investment banking.

Apple’s announcement that it is likely to miss revenue estimates for the first quarter of 2020 should serve as a warning to equity investors that the economic effects of the coronavirus outbreak should be feared alongside any threat of it becoming a pandemic.

BNP Paribas was guiding investors towards a coupon in the 4.75% area for a new additional tier one (AT1) on Tuesday, as it looked to price its deal at the lowest level ever acheived by a European bank in the dollar market.

US-based Oaktree Capital Management has become the first foreign asset management firm to set up a wholly owned subsidiary in mainland China.

HSBC’s new strategic plan involves numerous changes to its investment banking division, including shifting resources to Asia and the Middle East, reducing the scale of many operations in the European markets business, and combining product functions with commercial banking.

JP Morgan was the only financial institution tapping the euro market for senior paper on Friday, looking to make use of the sentiment rebound after some indigestion on Thursday.

Citic Capital Acquisition Corp has raised $240m from its listing on the New York Stock Exchange. The special purpose acquisition company (Spac) is targeting green and sustainable businesses.

The US bond new issue market was in full swing on Thursday as a United Technologies spin-off made its debut and credit shrugged off the coronavirus epidemic.

Nomura has made sustainability one of the pillars of its fightback in investment banking, as it joins the race to harness the power of sustainability-related M&A and capital markets deals.

Arion Bank showed its eagerness to issue additional tier one (AT1) capital on Thursday as Icelandic banks get ready to benefit from a change in the national tax treatment of the instruments.

Wells Fargo has reorganised its group structure, including hiving out its corporate and investment bank as a separate business line and giving it a new leader.

SDCL Energy Efficiency Income Trust (SEEIT), the London-listed investment trust that focuses on investment in energy efficiency, is targeting ambitious growth in 2020. Its CEO talks GlobalCapital through its plans.