United States

The pull of a big fee pool and global reallocation of capital and resources are prompting banks to rethink the way they serve clients in the technology sector on both sides of the Atlantic, writes David Rothnie.

Chinese companies have raised equity in the US at a record pace this year. The deal flow has quashed fears that a hostile White House would dissuade China’s hordes of technology startups from listing on the New York Stock Exchange and Nasdaq.

Senator Marco Rubio is the latest Republican in the US to launch an attack on what conservative voices have recently dubbed “woke capital,” apparently putting the GOP at odds with an investment world that has embraced ESG.

South Africa's Investec has launched a proprietary secondary loan trading desk in New York, having recruited a senior trader to lead it.

Chinese health insurance and healthcare crowdfunding platform Waterdrop has kicked off pre-deal investor education for its US listing, according to a source close to the IPO.

BOC Aviation has sold a $750m bond through its US subsidiary, pricing its third dollar outing of the year at wider levels than some fair value estimates from analysts.

Corporate bond issues came at a healthy clip in the US market this week, despite earnings blackouts, as investors showed a preference for highly rated paper.

Mark Manduca, a European equity research analyst at Citi, has been appointed as chief investment officer of GXO Logistics ahead of its spinoff from its New York-listed parent XPO Logistics.

US-listed Zai Lab and Futu Holdings are tapping the equity market for funds through follow-on offerings, with both the Chinese companies launching their transactions after a rally in their stock price.

Citi's head of EMEA banking, capital markets and advisory, Phil Drury, is relocating to San Francisco to take charge of a new franchise covering technology and communications.

Scotiabank has hired a new head of syndication in New York, GlobalCapital understands.

Public Storage wrapped up a quickfire acquisition financing in the US bond market this week, after supply slowed to a trickle as huge swathes of corporate America entered earnings blackouts.