United States

US investment banks have set a high bar for their European rivals by posting record revenues powered by a boom in capital markets underwriting.

The relentless flow of special purpose acquisition companies coming to the market is causing unease among investors about market saturation, with $140bn raised so far this year. Only the highest quality sponsors are likely to succeed in bringing new Spacs to IPO from now on, writes Aidan Gregory.

Southeast Asian tech company Grab, which offers everything from ride hailing and food delivery services to digital wallet payments, is planning to go public on the Nasdaq by merging with Altimeter Group Corp, a special purpose acquisition company (Spac).

Semrush, the Boston-headquartered marketing software company, listed on the New York Stock Exchange last month during a tricky time for the IPO market. CFO Evgeny Fetisov talks to GlobalCapital about the IPO and the challenges in taking the firm public.

Alibaba Group Holding’s shares in Hong Kong closed 6.51% higher on Monday, despite news over the weekend that the technology giant will be hit with a record fine of Rmb18.22bn ($2.8bn) by China’s regulators.

Marvell Technology, the Bermuda-registered US chipmaker, jumped into the dollar bond market this week with a $2bn trade linked to a $10bn acquisition, after clinching the deal more quickly than expected.

Chinese electric vehicle manufacturer Li Auto has raised $750m from its debut convertible bond, pricing the deal at the investor-friendly end of the marketed range.

Chinese online travel giant Trip.com Group is set to launch bookbuilding for its Hong Kong secondary offering this week, after getting the go ahead from the city’s bourse.

Borrowers packed deals into the US corporate bond market this week before the Easter holiday weekend. Among them, BMW enjoyed a strong order book for its first dollar issue for a year.

Deutsche Bank conquered the fallout from the liquidation of US hedge fund Archegos Capital this week to print its first preferred senior trade of the year.

A staggering amount of capital has been raised by special purpose acquisition companies this year, but there is growing concern that the glut in supply will lead to many of the vehicles overpaying for M&A targets or being unable to find companies to buy.

China-based Energy Monster, a mobile device charging company, has kicked off the roadshow for its Nasdaq listing. It is eyeing up to $218.7m from the deal.