United States

Chinese brokerage Huatai Securities has received one of two approvals needed to spin off its subsidiary AssetMark Financial Holdings in the US.

Wanda Sports Group Company is seeking US Securities and Exchange Commission approval for a float of American Depository Shares (ADS).

In this round-up, US treasury secretary Steven Mnuchin called the talk with Chinese central bank governor Yi Gang ‘candid’ on Twitter, the Mainland warned domestic tourists and students against planning trips to the US, and both the World Bank and International Monetary Fund (IMF) lowered predictions for Chinese GDP growth thanks to trade tensions.

The list of companies that have declared their support for the Task Force on Climate-Related Financial Disclosures has grown to 671, with a combined market capitalisation of $9.3tr. This is up from 457 worth $7.9tr in September. The TCFD Secretariat issued its second status report on adoption of the recommendations this week.

Dollar corporate bond issuers enjoyed bulging order books and tight spreads this week, as the high grade market shrugged off fears over the economy following soothing words from the chairman of the US Federal Reserve.

The US holding company of Spain’s Santander made its first trip to the dollar bond market in almost six months, as issuers made the most of improving conditions.

Securitization investors and traders have told GlobalCapital that CLO anchor investor Norinchukin Bank has taken a step back from both the US and European markets. As Tom Brown writes, some have suggested that the bank’s domestic regulator has voiced concerns about its surging holdings of senior CLO debt.

Chinese online tutoring company GSX Techedu has raised $207.9m after pricing its US listing at the mid-point of guidance, according to a source familiar with the matter.

The American lender issued a dual tranche transaction on Wednesday, its first ever euro-denominated bond. It is the first American regional bank to go to market since May 2017. Meanwhile, Aegon Bank is looking to issue its first senior non-preferred bond in the currency.

Equity investors are priming themselves for the US Federal Reserve to cut the Federal Funds Rate after dovish comments from the Fed’s chairman, Jerome Powell.

The US Federal Reserve and European Central Bank were jockeying for the SSA market’s attention this week, after the Fed governor hinted on Tuesday that the it might cut US rates. Investors are showing caution before wading into new deals

In this round up, the Ministry of Commerce (MoC) is planning to publish a list of ‘unreliable entities’, clearly echoing the US’s ‘entities list’, the State Council issued a white paper detailing China’s stance on trade tensions, and the People’s Bank of China (PBoC) said its takeover of Baoshang is a ‘one-off’.