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High yield

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  • Antonio Brina is joining JP Morgan from Bank of America Merrill Lynch to lead basic materials investment banking for Europe, the Middle East and Africa.
  • Road King Infrastructure returned to the dollar market for the fourth time this year on Monday. The borrower, which has favoured fixed-for-life perpetual bonds before, offered investors a slightly different perpetual deal this time that would see its coupon be reset but has no additional step-up.
  • David Miller has become the new chief executive of Credit Suisse’s investment banking and capital markets (IBCM) unit, replacing James Amine.
  • State-owned Chinese bond issuer Tewoo Group Co has picked firms to manage $1.25bn of its offshore debt as maturities loom, and is eyeing a potential exchange offer.
  • Chinese government-owned Beijing Capital Group Co sold a $500m perpetual deal on Thursday, just a couple of weeks ahead of the scheduled call date of an old bond by its real estate arm.
  • Well-known issuers in high yield this week were best placed to benefit from strong market conditions, driven by central bank easing, the return of tourist money to the market, and receding worries of geopolitical crisis.