JP Morgan

Participants in Europe’s high grade bond market have been left scratching their heads about the performance of a Becton Dickinson €600m 15 year bond since it was issued last week. The spread has come hurtling in by 20bp, despite bankers away from the deal saying they would probably have valued it similarly to the leads.

Two SSA borrowers hit screens on Tuesday to announce benchmark bonds. Deal flow in the SSA market has slowed after the January rush, but borrowers are still keeping investors busy with a regular flow of deals.

JP Morgan has appointed a new team of senior investment bankers focused on special purpose acquisition companies in Europe, after over $100bn was raised over the past year by cash shells, mostly in the US.

National Bank of Kuwait, the country’s largest financial institution, has mandated banks to arrange an offering in its return to the additional tier one market. Market participants, however, are still holding out hope for the Kuwaiti sovereign to make an appearance.

Chinese teahouse chain Nayuki Holdings has set its Hong Kong IPO in motion, having dropped an earlier plan to list in the US.

Coupang, an e-commerce company, is planning a $1bn IPO in the US as it gets ready to become the first South Korean firm to list in New York in 10 years.

Nykredit Realkredit opted to tap the seven year point of the curve on Monday as it issued senior non-preferred debt ahead of a deadline for regulatory debt buffers in 2022.

The Spac craze that has swept US stock markets has spread to Europe with a new vehicle called Pegasus set to be listed in Amsterdam. The Spac is led by former UniCredit CEO Jean-Pierre Mustier, LVMH founder Bernard Arnault and Tikehau Capital and is expected to prompt a wave of new issuance, according to sources speaking to GlobalCapital.

Global financial institutions will focus more on their home markets amid a sharp fall in funding requirements this year, leaving sterling credit investors yearning for more supply from overseas FIG issuers.

Goldman Sachs and JP Morgan offered investors diversity as they burnished their environmental, social and governance (ESG) credentials this week.

Kirshlen Moodley, formerly a member of JP Morgan's UK M&A team, has joined BNP Paribas.

Snam, the Italian gas pipeline company, and SKF, the Swedish ball bearing maker, kicked the week’s corporate bond new issuance off in Europe on Monday with deals that offered razor-thin spreads from the start.