Banks

JP Morgan, Citi and Goldman Sachs kicked off the third quarter results season for investment banks on Tuesday. While debt and equity underwriting revenues grew substantially at JP Morgan compared with the equivalent quarter of last year, they fell at Goldman.

Investors pounced on the opportunity to buy a bond with a positive yield in the euro market by KfW on Tuesday. Elsewhere, the Asian Development Bank drew strong demand to sell its biggest ever green bond in euros following its debut in 2018.

Running in parallel with the rapid growth of the green bond market have been the numerous labels for these bonds. But the abundance of green labels risks confusing investors and diluting an important vehicle to finance projects to clean up the planet.

The World Bank appointed banks on Tuesday to lead its first 10 year dollar benchmark in almost two years to join a flurry of SSAs who have recently ventured into this rarely visited part of the curve in the currency. Meanwhile, Finnvera has mandated banks for its second syndicated trade of the year.

The UK’s Endava has signed a new £200m-equivlanet multicurrency facility, with the software development company swapping a bilateral loan for syndicated lending.

Argenta Spaarbank and Sumitomo Mitsui Financial Group were both marketing senior bonds on Tuesday, making use of the favourable backdrop in the primary market. While Sumitomo was quick to build demand for its bond, Argenta struggled to gather enough demand volume to move the spread from price thoughts.

Nigeria’s Seplat Petroleum is in advanced staged talks for an around £382m cash acquisition of London-listed Eland Oil & Gas, with the buyer partly financing the deal with a new loan.

German property developer Garbe Industrial Real Estate has postponed the IPO of Logistrial, its logistical properties unit, according to three sources familiar with the matter.

Three issuers spanning the CEEMEA region released initial guidance for dollar deals on Tuesday morning in London — one each from Russia, Abu Dhabi and Togo. All three bonds are expected to be printed later on Tuesday.

The Emirate of Sharjah is planning a benchmark 10 year Reg S senior unsecured sukuk.

Property manager Sichuan Languang Justbon Services Group has raised HK$1.59bn ($202.3m) from its IPO, after a surge of demand from institutional and retail investors, according to a source close to the deal.

China Lesso Group has increased a four year borrowing to around $1.1bn, after attracting 16 lenders during syndication.