United States

Chinese travel agency Trip.com Group has closed the senior syndication phase of a $1bn multi-tranche loan.

The EU should further loosen bank leverage ratio requirements if it wants to avoid a credit crunch amid Covid-19, according to Michael Lever, head of prudential regulation at the Association for Financial Markets in Europe.

Burning Rock Biotech is planning to float on Nasdaq for as much as $100m.

In this round-up, China’s top government officials, including president Xi Jinping, discuss key economic targets and a fiscal stimulus package, and foreign minister Wang Yi warns the US against a ‘new cold war’.

Chinese internet giants JD.com and NetEase are targeting mid-June to launch their respective Hong Kong listings, according to sources familiar with the matter.

Lloyds Bank decided to tender some of its covered bonds in three major currencies this week in what it called a “prudent approach” towards its liquidity base. The move could prompt more issuance in the asset class this year in an effort to refinance some of the tendered securities, but it could also decrease liquidity at the short end of the curve, given the cheaper refinancing alternatives open to banks.

Barclays has made Paul Leech and Todd Sandoz interim co-heads of global equities, after Fater Belbachir was hired by Citi.

In this special round-up on China’s annual Two Sessions parliamentary meeting, the government does not set a growth target for 2020 but raises the budget deficit to at least 3.6% of GDP. It also plans to issue Rmb1tr ($140bn) of special ‘anti-pandemic’ treasury bonds.

Safety measures to respond to the coronavirus threat are forcing a rethink of office space at financial firms. And in the long-term, banks are set to reconsider their physical footprint and how much work can be carried out remotely, according to managers and experts.

Pfizer was at its opportunistic best this week as it issued $4bn of notes that included the lowest ever coupon on a corporate five year bond.

Citi picks Nick Darrant as syndicate head — And it sets up new sustainability and science units — JP Morgan reveals next layer of DCM, ECM and M&A bosses

Isaac Deutsch, who led Sumitomo Mitsui Banking Corporation's Americas specialized finance division between 2012 and 2018 before becoming the firm's deputy Americas CEO, is said to have departed from the bank earlier this week.