United States

The US Securities and Exchange Commission should take the opportunity of errant tweeting from Tesla boss Elon Musk to figure out how it transitions to a more modern way of regulating market communication.

In this round up, US president Donald Trump claims DC trade talks solved some of toughest problems, FX reserves rise again, and Caixin PMI brings confidence in China’s economic recovery.

Life insurers and Yankee banks had the dollar market to themselves, this week, as US banks prepared to kick off first quarter earnings season.

French construction company Vinci took advantage of a lull in supply and favourable financing conditions to make its long-awaited dollar market debut.

Barclays’ corporate and investment bank has reached the endgame in its fight to boost returns following the departure of Tim Throsby, as group CEO Jes Staley takes control for the second time in three years.

JP Morgan has created a new unit within its global equity derivatives division focused on insurance structuring – an area that the US bank sees as a key component of the growth of its equities franchise.

Resorts World Las Vegas (RWLV), a subsidiary of Malaysia’s Genting Berhad, priced a larger-than-expected $1bn bond on Tuesday, at a level that was more aggressive than market participants had anticipated.

Streaming platform Bilibili pulled off a combined convertible bond and American Depository Share (ADS) placement this week, raking in $737.4m after the fundraising was increased following strong Asian demand. The deal comes just a week after its larger peer iQiyi sold a record ADS convertible. Jonathan Breen reports.

Nasdaq-listed Chinese streaming platform Bilibili has opened books for a concurrent convertible bond and placement of American Depository Shares, eyeing combined proceeds of up to $614m.

In this round-up, Chinese government and policy bank bonds are included in the Bloomberg Barclays Global Aggregate Index, JP Morgan and Nomura win permission to set up securities JVs and China’s Purchasing Managers’ Index (PMI) rebounds from a three-month low.

Colm Kelleher, president of Morgan Stanley, is retiring after three decades at the US bank. A clutch of senior staff will now report to CEO and chair James Gorman directly.

Tim Sloan, CEO and president of Wells Fargo, has announced his retirement, after several years of regulatory and legal pressure on the bank as a result of mis-selling revelations. Sloan was a Wells veteran; the US bank will now not choose one its own staff as his permanent replacement.