United States

Boeing attracted a staggering $70bn of demand as it raised $25bn in the dollar bond market on Thursday, a sum that could fulfil all its funding needs this year.

The US convertible bond market is showing little sign of slowing down, after another wave of new issues this week, including a jumbo $2.3bn bond from Southwest Airlines. The boom will continue, sources said, as companies attempt to bring in capital to offset a loss in revenue because of Covid-19.

Equities have made a stirring recovery since the record coronavirus sell-off in March. Corporates, looking to raise cash by any means necessary to survive the crisis and lower their risk, have taken advantage of the uplift, selling non-core equity holdings. Now, more are being urged to get in on the trade while it lasts, as there are fears that stock markets will plummet again if lockdowns or infections worsen with the pandemic far from over, writes Sam Kerr.

Deutsche Bank has regained its number one spot in its home market, but it was its traditional investment banking business that shone rather than investments made as part of the firm’s new Germany-focused strategy, writes David Rothnie.

China's Ebang International Holdings, a cryptocurrency mining hardware maker, is planning a US IPO that could raise up to $100m. It follows in the footsteps of Canaan Creative, which listed last November but has since seen its stock price tumble about 53%.

After years of being in the shade of their high yield colleagues, equity-linked bankers are emerging from the Covid-19 global pandemic as some of the biggest fee earners in the capital markets amid an issuance boom, particularly in the US, as embattled corporates scramble to raise liquidity.

Swedbank was paying less than fair value for a new euro senior deal on Friday, according to market participants, with the bank raising funding a day after publishing its first quarter results.

In this round-up, international investors dumped Rmb208.4bn ($29.4bn) of Chinese stocks in March, and state-owned enterprises recorded a huge revenue drop in the first quarter of the year.

April is set to be the second busiest month ever in the US corporate bond market (after March), as companies pile up funding to build up their financial resilience to Covid-19, despite continuing volatility and waves of bad news.

Debt investors are distinguishing between strong and weak risks in the oil and gas sector, as huge oversupply threatens to weigh on oil prices, already at multi-decade lows — and for the time being, market participants also expect that worries about energy won't tarnish the whole high yield market.

Financial institutions with funding needs that are holding off in anticipation of better issuance conditions are doing it wrong. Waiting until the other side of earnings season to bring deals will likely prove a mistake.

Kingsoft Cloud Holdings has launched a virtual pre-deal investor education process for its $100m Nasdaq IPO, according to a source close to the deal.