United States

The value of the riskier tranche of the World Bank’s pandemic bond has been discounted — but not by very much — as the coronavirus outbreak infects more people outside of China and therefore comes closer to triggering a payout from the notes.

The Reverse Yankee market could be set for another strong year in 2020, with Wells Fargo adding last week to an already encouraging running supply total in the format.

Natixis, one of the investment banks that has gone furthest to prioritise greener financing, had to ramp up its provisions for credit loss from US natural gas producers in the fourth quarter, pointing to “structural transformation” in the sector. But it told GlobalCapital that it still saw opportunity in the industry.

Blank cheque firm Citic Capital Acquisition Corp has kicked off bookbuilding for a $200m IPO. The special purpose acquisition company (Spac) is targeting green investments.

The dollar corporate bond market has endured another quiet week as blue chip borrowers looked overseas and bankers bemoaned a lack of M&A activity.

As Goldman Sachs hunts for incremental gains in its investment banking division, it need look no further than its European franchise, where it continues to trail JP Morgan, writes David Rothnie.

Gerald Keefe, Citi’s head of Asia Pacific corporate banking, is relocating to New York for a new senior position in the bank’s treasury and trade solutions (TTS) team.

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