United States

Elon Musk’s shock announcement on Twitter last week that he had secured funding to take Tesla private at $420 a share rocked US financial markets and send its shares and bonds rallying. Yet one week on questions are being asked about Musk’s “funding secured” claim most notably from the SEC.

The US corporate bond market continued at a strong pace this week, ignoring the lure of the beach that sees its European counterparts' new issue flow slow to a standstill in August. More than $22bn of bonds were sold in the first three days of the week and around half of that was raised by United Technologies Corp.

The US Office of Foreign Asset Control (OFAC) has an unprecedented decision to make on whether to accept a reported offer from EN+ owner Oleg Deripaska to sell shares in the company to VTB Bank. The aim of the deal is to reduce the oligarch’s majority stake in the aluminium conglomerate, which, it is hoped, will result in sanctions against it being removed.

Integrated online healthcare provider 111 filed draft documents on Wednesday for a potential $200m issue of American Depository Shares (ADS).

China’s answer to Tesla is set to make a splash with its New York IPO. Nio is preparing a multibillion-dollar listing that will test investor appetite for the booming electric car industry. John Loh reports.

Starwood Property Trust was looking to price a $300m high yield bond on Wednesday to support the acquisition of GE Capital’s energy project finance business, as the firm looks to diversify beyond core commercial real estate activities.

Chicago-based futures brokerage R.J. O'Brien and Associates (RJO) has appointed Stephen Brodsky to its newly created chief strategy officer role, the company said on Wednesday.

A note by law firm Mayer Brown has advised counterparties trading with International Swaps and Derivatives Association (ISDA) documentation to consider special amendments if they want their contracts to take into account the effects of negative interest rates, referencing a recent court decision.

The summer break in European corporate bond markets has shortened in recent years to as little as two weeks in August, but investors know that the dollar market is always an option.

Recent cash flows from funds buying European corporate bonds and loans with speculative grade ratings have increased with support from US investors, as markets get ready for the second half of the year.

The Futures Industry Association (FIA) has called for greater transparency in efforts by US regulators to determine the method for calculating the notional threshold at which dealers have to be registered as swap dealers.

Nio, a Chinese electric car company, has started sounding out investors for its IPO on the New York Stock Exchange with an indicative size of $1.8bn.