United States

As the market digests news of the weaker renminbi, which broke seven against the dollar for the first time since the financial crisis on Monday, analysts are predicting that a new equilibrium for the currency will emerge. Rebecca Feng reports.

UBS Group skirted volatility in global financial markets to issue an 11 year non-call 10 year senior unsecured bond in dollars on Tuesday. The Swiss lender offered a small premium to investors, with a final spread of 140bp over US Treasuries.

Snap, the US technology company behind Snapchat, has issued a $1.1bn convertible bond due in 2026, after the stock began to trade above its IPO price again following a strong set of first half results a fortnight ago

The US finally labelled China a currency manipulator this week, a day after the renminbi weakened to below the psychological level of seven against the dollar. With China clearly indicating its willingness to open a new front in the trade war, the stage is set for an increase in rhetoric between the two countries.

Hong Kong-based AMTD International's stock surged by over 20% on its debut on the New York Stock Exchange, after the IPO was priced above the mid-point of guidance.

Equity capital markets bankers were glancing at a sea of red across global equities on Monday, but they were grateful that volatility has only flared up during a traditionally quiet period for new issuance.

The renminbi fell beyond seven against the dollar on Monday morning for the first time in a decade, in what is viewed as China’s response to its worsening relations with the US.

In this round-up, the renminbi dropped below seven per US dollar for the first time since the global financial crisis, Hong Kong-listed companies with weighted voting rights are set to be included in the Stock Connect and regulators will score securities houses based on their ability to manage public opinion.

Global equity indices plummeted on Friday morning after US president Donald Trump announced that the US would tax $300bn of Chinese goods in a fresh round off tariffs.

New Frontier Corp, a Hong Kong-based special purpose acquisition company (Spac), is planning to raise $300m-equivalent to support its $1.44bn purchase of China’s United Family Healthcare.

In this round-up, US president Donald Trump unexpectedly announced an increase in tariffs on China, the People’s Bank of China (PBoC) bumped up the re-lending quota for smaller banks and Mainland regulators said they are not planning to use the property market as a short-term stimulus.

Southern California Edison has priced a $1.2bn dual tranche corporate bond offering after its credit ratings were placed on a firmer footing in the wake of a wildfire risk mitigation law.