Citi
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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 -
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The high-grade corporate bond market saw some heavily subscribed deals this week, but there are concerns from some corners of the market that primary issuance is showing signs of fatigue.
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Nick Darrant, JP Morgan's head of CEEMEA debt capital markets syndicate, is leaving the bank after five years to join Citigroup as co-head of EMEA syndicate.
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Emerging market bond issuance, particularly from the Middle East, has been recovering after the brutal March shocks of Covid-19 and low oil prices. Egypt took that momentum further on Thursday as it announced a triple tranche trade.
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New York Stock Exchange-listed online gaming company Sea tapped equity-linked bond investors for $1bn this week, following a surge in its share price after it reported strong first quarter earnings.
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SK Biopharmaceuticals is set to reopen the South Korean IPO market with a W959.3bn ($779.9m) listing, according to a source close to the deal.
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The Asian Infrastructure Investment Bank grabbed $3bn of five year paper on Wednesday, selling its first sustainable development bond. It was joined in the market by a 10 year dollar trade from Nederlandse Waterschapsbank.
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ABN Amro has ended a three week hiatus in the euro non-preferred senior market, launching a new deal on the back of a strong rally for bank credit spreads.
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Turkey’s Garanti Bank has raised a $592.4m-equivalent ESG-linked syndicated loan — the first of its kind signed by a bank. The deal, despite being launched at the beginning of the coronavirus crisis, went successfully, according to bankers, following a string of refinancings by other Turkish banks.
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Taiwanese electronic components manufacturer Yageo Corp bagged $180m on Tuesday after boosting the size of a five year zero-coupon convertible bond, according to a source familiar with the matter.
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Belgium took advantage of more attractive funding conditions in dollars versus euros and strong demand at the 10 year point of the curve to sell its first dollar bond since 2017 on Tuesday. SSA supply in dollars will continue on Wednesday with the Asian Infrastructure Investment Bank and Nederlandse Waterschapsbank bringing socially responsible deals.
