United States

Biopharmaceutical company Legend Biotech Corp has kicked off bookbuilding for its Nasdaq IPO of up to $368.5m, according to a source familiar with the matter.

Each week, the very best of what our newsroom have found most useful, interesting and informative from around the web. This week: what being in charge of a leading reserve currency actually means, how business travel might return, and a power play from Warrington Borough Council.

May has been another stellar month for US corporate bond issues, but issuance is expected to fall sharply as lockdown restrictions start to be lifted and international political concerns return to centre stage.

Insurance company Phoenix Group Holdings launched a tier two in the dollar market on Thursday in a refinancing exercise, making use of favourable conditions across the board with a "well received" trade. But the issuance raised some concerns regarding the company’s plans to deleverage after its acquisition of ReAssure.

Nomura is eyeing acquisitions and a change in chief executive promises a reboot of its investment banking ambitions, writes David Rothnie.

Chinese streaming platform Bilibili returned to the equity-linked market on Thursday, kicking off bookbuilding for a $650m convertible bond, according to a source familiar with the matter.

Citigroup’s new architecture to make its banking, capital markets and advisory (BCMA) group a fitter competitor in sustainability and ESG issues emphasises two channels of communication, according to Manuel Falcó, co-head of BCMA, through the most senior rainmakers and a cadre of younger enthusiasts.

Some of the largest investment banks made 12% less revenue from lending in the first quarter, despite balance sheet expansion as they supported companies, according to research from analytics firm CRISIL Coalition.

Cboe Global Markets will reopen its open-outcry options trading floor at the beginning of June, after more than two months in which the world’s major derivatives exchanges have operated exclusively electronically.

Equities and investment-grade bonds are overpriced in developed markets, according to Tommy Garvey, member of the asset allocation team at GMO. The US-based investment firm has just slashed its exposure to developed equity markets.

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.