United States

The US corporate bond market made a stuttering start to August as AEP Transmission pulled a deal, after monthly corporate dollar supply in July had slumped to its lowest level for a decade.

As Asian exchanges increasingly embrace the US model for new listings — the introduction of variable voting rights being a case in point — disintermediated IPOs may perhaps soon be the next fad, writes Clawback.

India’s HDFC Bank has raised $2.22bn through a qualified institutional placement and a concurrent sale of American Depository Shares (ADS).

The Schuldschein market's heavy reliance on car industry borrowers means the prospects of trade wars affecting the sector are worrying investors and arrangers alike.

Web browser Opera has bagged $115m from its Nasdaq IPO after a flood of demand made top-end pricing a certainty, according to a source close to the deal.

High yield investors are hoping that a glut of fallen angels in US corporate credit might help alleviate the drought of issuance they have suffered this year, but a report from S&P Global argues that concerns over the risks in triple-B rated borrowers might be overdone.

US companies stayed away from issuing bonds this week, amid continuing volatility and concerns about second quarter earnings after Facebook offered "bombshell guidance".

Primary and secondary equity capital market investors will hope that Facebook's nightmare week is an aberration rather than an indication that tech growth is under pressure. A combination of earnings woe for other tech firms and an escalation in the trade war between US and the rest could hamper issuers' chances, writes Sam Kerr.

Prologis, the US warehouses Reit, found a very warm reception to its first euro benchmark issue since 2015 this week, leading bankers to surmise that other reverse Yankee issuers might follow it to the euro market.

Pinduoduo, one of China’s hottest technology start-ups, sealed its $1.6bn IPO at the top end as expected, but not all American Depository Share (ADS) listings were so lucky this week as investors remained on edge.

Goldman Sachs was able to take €1.5bn of funding out of the senior market on Wednesday in the first FIG deal of the week, taking advantage of a more benign secondary backdrop.

The £1bn rights issue of DS Smith, the last big ECM deal scheduled before the summer has been completed. The UK and European market is now preparing for what is expected to be a "very busy" September.