United States

The US Federal Reserve board has permanently banned Andrea Vella, formerly a senior executive at Goldman Sachs, from the banking industry for his role in the 1Malaysia Development (1MDB) scandal.

IBM Corporation issued a bond in euros on Tuesday, while Comcast Corporation and Dow Chemical came out with mandates in the currency. The deals come at a time when reverse Yankee issuance has been flagging compared with last year.

As financial markets fretted over the spread of a coronavirus outbreak in China this week, one security was in the firing line more directly than any other. Holders of the World Bank’s pandemic bond will lose principal if the disease spreads by a sufficient amount, writes Jasper Cox.

The dollar corporate bond market will face its first big test of 2020 when blue-chip borrowers emerge from earnings blackouts to take centre stage in February.

Vereker goes to JP Morgan — SG picks new CEEMEA DCM head — Goldman names new cross markets head

Jes Staley’s strategy has been vindicated, with Barclays’s corporate finance bankers having a banner year. But it has to invest in its European franchise to cement its credentials as the region’s leading investment bank, says David Rothnie.

DBV Technologies, the French biopharmaceuticals company that specialises in treating allergies, has successfully completed a $153m growth capital raise, despite market volatility earlier in the week owing to fears over the spread of corona virus in Asia.

Olaf Diaz-Pintado has been named head of Goldman Sachs’s cross markets group for Europe, the Middle East and Africa, while the bank has appointed new regional heads for its financial and strategic investors group.

Citic Capital Acquisition Corp, a special purpose acquisition company (Spac), has filed for a $200m IPO. It is targeting companies in the energy efficiency, clean technology and sustainability sectors.

JP Morgan has created a Development Finance Institution (DFI), which will see its investment bank originate and distribute assets scored on their developmental impact. But specialists have questioned the bank’s ambitions and raised concerns about how this unit will operate.

Records tumbled in the US bond market this week, as Bank of America and Toronto Dominion set new pricing records.

US blue chips started to emerge from earnings blackouts this week and print tightly priced dollar bonds, as spreads continued to grind tighter.