JP Morgan
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Three banks rode out a volatile bond market this week, printing senior deals amid positive sentiment caused by talks making it seem an agreement about a new US Covid-19 stimulus package was closer on Tuesday. -
The strong momentum in the euro public sector bond market continued on Thursday with Italy receiving a huge reception for a new 30 year line, which was sold alongside a tender of various outstanding Italian government bonds.
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China’s Ant Group kicked off marketing for its Hong Kong and Shanghai dual listing on Thursday, the last stage before launching a possible $35bn IPO, set to be the world’s largest to date. The combined offering is already more than a third covered by onshore investors, with global buyers lining up for the rest. Addison Gong and Jonathan Breen report.
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Shaftesbury, the UK real estate investment trust that owns swathes of London’s West End, is tapping its shareholders for almost £300m ($392m) amid a severe downturn in the theatre district because of the Covid-19 pandemic.
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Italy and the Province of Québec will add to the euro public sector supply on Thursday, hoping to capitalise on the strong momentum in the currency following the European Union’s record order book earlier in the week.
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Iberdrola, the Spanish energy utility, launched a €3bn dual tranche hybrid capital bond on Wednesday, as syndicate bankers say the hunt for yield is encouraging issuers to push boundaries on the amounts they raise in hybrid issues.
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Michelin, the French tyre maker, has signed a €2.5bn sustainability-linked revolving credit facility with a three year maturity, as loans bankers say the market has become more nuanced towards maturities since the onset of Covid-19 made many of them tighten terms.
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ReNew Power, the Indian renewable energy giant, brought a $325m green bond to the market on Tuesday. It offered investors a rare opportunity to buy a high yielding deal from the country, despite using a fairly unusual structure for its transaction.
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Taiwanese electronics giant Hon Hai Precision Industry Co shook off trade war concerns to raise $1.4bn from the bond market on Tuesday.
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Chinese data centre operator GDS Holdings has covered the books for its Hong Kong secondary offering, just hours after launching a deal that could be worth about $1.6bn.
