United States

Fidelity National Information Services (FIS) went to market today to issue a six-tranche euro and a two tranche sterling deal. It intends to raise debt to finance the acquisition of Worldpay as announced last month.

In this round up, China-US trade tension peaked with US president Donald Trump’s market-moving tweet, Chinese FX reserves dipped in April and the amount of Qualified Foreign Institutional Investors (QFII) quotas approved in April surpassed that of all of last year.

The US corporate bond market caught fire this week, as two huge M&A financings - $19bn for Bristol-Myers Squibb and $20bn for IBM - were priced on successive days, and met contrasting fortunes.

The US was set to raise tariffs on $200bn of Chinese goods, as GlobalCapital went to press, after talks between the two economic powers appeared to break down. Few people predicted it, most having prematurely stopped worrying about the US-China trade war and its impact on markets.

Global equity markets suffered their worst days of the year this week after an apparent breakdown in trade talks between the US and China, causing investors to sell and volatility to spike and possibly wrecking equity issuance plans, write Sam Kerr and Ross Lancaster.

US president Donald Trump caused turmoil in global financial markets this week, after threatening to ramp up tariffs on Chinese goods. But although Trump stirred up trouble, Chinese start-up Luckin Coffee was not put off from brewing a US IPO. With heavy-hitting institutional investors already piling in to the offering, the company looks on track to raise more than half a billion dollars. Jonathan Breen reports.

Casino operator MGM China Holdings priced a larger-than-expected $1.5bn 144A/Reg S deal this week, and both tranches rallied in the secondary market despite a broader risk-off sentiment.

Chinese online tutorial platform GSX Techedu is seeking approval for an American Depository Shares (ADS) listing on Nasdaq, as fellow Chinese company DouYu waits for more stable market conditions before commencing pre-marketing for its own $500m ADS offering.

Chinese online tutorial platform GSX Techedu is seeking approval for an American Depository Shares (ADS) listing on Nasdaq.

Chinese e-sport streaming platform DouYu is waiting for more stable market conditions before commencing pre-marketing for its $500m IPO of American Depository Shares (ADS).

Equity investors are too complacent about the prospects of the wheels coming off of trade talks between China and the US. Such optimism could wreck equity capital markets for the year if negotiations sour,

Luckin Coffee has covered books after the first day on the road for its up to $510m Nasdaq IPO. And to add to the proceeds, the firm is concurrently selling ordinary shares to merchant firm Louis Dreyfus Co.