United States

China-based Daqo New Energy Corp, which makes silicon wafers for solar cells, has bagged $110m after pricing its follow-on of American Depository Shares (ADS) at the bottom of guidance.

US financial regulators have proposed new rules that would make it easier for banks to be active in business such as repo and clearing, which were hit hard by post-crisis tightening of leverage ratios.

Canadian banks and pension funds led a rush of Yankee issuance this week, as they jumped at the chance to tap the dollar market while US banks remained on the sidelines in the run-up to first quarter earnings season.

A decent start to the week gave way to caution as escalating geopolitical concerns slammed the brakes on US high-grade dollar supply.

The International Swaps and Derivatives Association (ISDA) responded scathingly to attempts by market participants to “narrowly” trigger credit events that result in favourable pay-outs to buyers of credit default swaps. Costas Mourselas reports.

A recent string of defaults in the US high yield bond market, particularly in the retail and supermarkets sectors, has not caused undue concern among market players, with most of the situations already factored into assumptions.

Some US private placement investors in London are investing more time and resources on bilateral US PP transactions that do not involve either syndication or agent banks, so as to gain full allocations and originate their own business.

Chinese photovoltaics company Daqo New Energy Corp is looking to raise up to $112m from a follow-on offering of American Depository Shares (ADS).

The International Swaps and Derivatives Association this week asked its members for feedback on the potential integration of smart contract functionality into the definitions that govern derivatives transactions.

Leucadia National Corporation, the holding company of Jefferies, has sold 48% of its beef business, all of its automotive equity interests, and changed the name of the company to Jefferies Financial Group — a set of moves which ought to free the firm to take advantage of merchant banking opportunities, while giving investors a clearer business to focus on.

Online game streaming platform Huya is set to launch an up to $200m listing of American Depository Shares (ADS), filing a prospectus with the US stock market regulator on Monday.

The US president says China will lower trade barriers and make a deal with Washington, the recently merged banking and insurance watchdog officially launches, and Vanguard makes five exchange-traded funds (ETFs) available in RMB and dollars in Hong Kong.