At least 15 London-based emerging markets bond traders have left their roles over the past couple of months as heavy losses in the asset class take their toll, sparking fears about the commitment of financial institutions to the secondary trading business.
Hong Kong IPO hopefuls breathed a sigh of relief after newly listed Xiaomi reversed last Monday’s weak debut to end its first week as a public company 26% above its IPO price.
Credit Suisse Group gave the Additional Tier 1 market a much needed fillip last week, landing the biggest order book of the year for a bank capital bond but the chunky price it had to pay could set an uncomfortable benchmark for those that follow.
A record US$1.45trn of US syndicated lending in the first half of the year has propelled bank fees from arranging loans to an all-time high.
The business of growing cannabis on an industrial scale is being led by Canadians, after the federal government last month moved ahead with measures to legalise recreational consumption of the drug across the country from October.
US regulated utility Sempra Energy forged ahead with the second and final leg of the equity financing for its US$9.45bn acquisition of Texas-based power distribution company Oncor, raising US$1.6bn in a dual-tranche equity/equity-linked offering even as it battles activists pushing for a wider overhaul of the company.
More sudden shocks in China’s bond markets sent investors running for cover last week, dealing a further blow to Asia’s fragile US dollar high-yield credit market.
The US convertible bond market has taken on an element of wash, rinse and repeat, with Palo Alto Networks the latest tech company to take the dip with an opportunistic US$1.5bn five-year CB, the largest CB this year.
Switzerland’s Idorsia Pharmaceuticals raised SFr505.18m (US$508m) on Tuesday night, with proceeds to fund the Phase 3 development of the biotech company’s late-stage pipeline, as well as its early-stage and pre-clinical pipeline.