United States

UBS's investment bank beat analyst consensus as capital markets revenue was up sharply year-on-year, while a sale of intellectual property rights resulted in a one-off gain, the bank showed in third quarter results on Tuesday.

E-commerce listings have been been a high point of equity issuance during the second half of 2020, with the sector generating strong returns for investors. Most of the year’s listings have been completed, but banks are already working on deals from the sector for 2021.

ReNew Power, an Indian solar and wind power producer, is looking to the US for a potential IPO, according to a source familiar with the matter.

JP Morgan's Raj Kapadia has joined MUFG as international head of capital markets, as the firm increases its leveraged finance focus. It has also set up a new group to advise clients at the C-suite level on market and macroeconomic developments, led by Tom Joyce, a hire from Deutsche Bank.

This week Keeping Tabs brings you thoughts on the inadequacies of ESG data, the US election and why Spain is in such a bind.

Equity markets swung violently this week as investors reacted to polling and projections in the US election. With over two weeks left before the vote on November 3, equity bankers and investors are predicting a choppy time ahead which might make things trickier for capital markets deals.

Blank check company Bridgetown Holdings, which is focused on southeast Asia, has raised $550m from a listing on the Nasdaq.

The leading US investment banks raked in fees from equity origination in the third quarter, with Goldman Sachs, Morgan Stanley and Bank of America all doubling their ECM revenues year-on-year.

Equity markets are pricing in a big win for Democrats in the US elections in November, meaning a large post-election stimulus package to help the economy through Covid-19. However, they should be wary as president Donald Trump is far from beaten.

Chinese discount retailer Miniso Group Holding raised $608m from a successful US listing on Thursday, after pricing the deal above the marketed range.

The former head of global debt capital markets origination at Deutsche Bank has linked up with 40 of his former colleagues to form a capital markets advisory firm very much in the spirit of the times — as a network that operates online — as the coronavirus pandemic forces a rethink of traditional investment banking models.

A weighty corporate hedging transaction has added to the momentum of the US rates market’s transition from Libor. JP Morgan executed a $500m swap referencing Sofr with a blue chip corporate, Unilever.