United States

CVS Health printed the third-biggest bond deal of all time as it funded its $67.5bn acquisition of Aetna. Bankers hope that a revival in M&A activity will provide a shot in the arm for supply.

Regulators in the United States were afforded greater powers to scrutinise cryptocurrency spot markets this week, as supervisory bodies around the world come to grips with the nascent asset class.

Chinese video streaming platform Bilibili filed a prospectus with the US market regulator this week, eyeing up to $400m from an IPO of American Depository Shares (ADS).

Investors this week showered orders on to the first bond issue from Teva Pharmaceuticals since a recent downgrade to high yield ratings. The hook? A 50bp-100bp premium over its old bonds in the secondary market.

On Wednesday, German business software company SAP printed a €1.5bn triple tranche deal at tight spreads following more than a year and a half without issuing, while American IT services firm DXC sold its first non-dollar deal.

Fresh doubt has been cast on whether the record-breaking $100bn loan package for US chip maker Broadcom will come to fruition, after a US national security committee took the unusual step of issuing a public warning against the acquisition that the funds will finance.

Even allowing for the pause in European corporate bond issuance caused by the volatility of global markets early in February, the month's primary activity proved to be meagre. But investors are hoping the signs for March are better.

Chinese live streaming platform YY is looking to take its online game broadcasting platform Huya public with a US IPO.

Derivatives exchanges around the world reported strong February volumes this week, potentially painting a rosy picture for the year ahead as markets seem set to return to higher volatility.

The low rates in Europe are making the euro high yield market an attractive option for US issuers like Belden, a St Louis-based manufacturer of telecoms equipment, which is launching a new euro bond to buy back old deals in euros and dollars. More US issuers are coming to euros, say bankers and investors.

Standard Chartered has hired a JP Morgan banker to lead part of its North American corporates team.

European implied equity volatility has fallen after Angela Merkel secured a fourth term as German chancellor and despite Italy's general election producing a hung parliament.