United States

European equity capital markets continued to reel from volatility across the Atlantic on Friday. A sell-off in tech stocks is making the block trade market difficult and a popular IPO suffered on its first day of trading.

Large US banks want the Federal Reserve to extend a measure allowing them to exclude Treasury bond exposures from their leverage ratio calculations. But other industry figures are pushing back. Senators have warned against the risks of letting temporary Covid support become more permanent.

Tyler Technologies, the US develop of software for local government, has raised $525m via the sale of new convertible bonds, capping off the busiest week of the year so far for US equity-linked issuance.

March got off to a red-hot start in the US corporate bond market, as issuers shrugged off market volatility and bombarded investors with deals, making it one of the busiest weeks of the year so far.

The US convertible bond market is charging ahead despite a sell-off in technology stocks over the past fortnight, with multiple jumbo transactions this week from some of the world’s best known companies. The frenzy has left many wondering what it will take to derail one of the hottest corners of the capital markets. Aidan Gregory reports.

Europe’s equity bankers are looking nervously across the Atlantic at a prolonged sell-off in US stocks that began when fears of impending inflation caused investors to dump tech stocks. The contagion has spread to the European markets, with investor fear starting to show in recent block trades, writes Sam Kerr.

Coupang, an e-commerce company, has kicked off bookbuilding for an up to $3.6bn IPO that is set to be the largest ever US listing by a South Korean issuer.

Online car marketplace Autohome has launched the roadshow for a secondary listing in Hong Kong. The float of new and existing stock could raise up to HK$7.6bn ($983.2m).

Blank cheque firm Magnum Opus Acquisition has set in motion a $200m New York Stock Exchange IPO, filing paperwork with the US regulator on Monday.

Tuya, an internet-of-things cloud platform provider, is eyeing around $100m from an IPO of American depositary shares (ADS).

A new special purpose acquisition company backed by Tidjane Thiam, the former CEO of Credit Suisse, has raised $300m from investors.

The sell-off in the US Treasury and equity markets intensified this week as hopes rose of faster economic growth which could lead the Federal Reserve to taper quantitative easing. But that did not stop Japanese telecoms company Nippon Telegraph and Telephone Corp raising $8bn with its first dollar bond issue for nine years, amid a stampede for cheap funding.