JP Morgan
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La Banque Postale (LBP) printed €500m of January 2031 non-call January 2026 tier two paper this week, its first in the format in over three years. -
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JP Morgan's Raj Kapadia has joined MUFG as international head of capital markets, as the firm increases its leveraged finance focus. It has also set up a new group to advise clients at the C-suite level on market and macroeconomic developments, led by Tom Joyce, a hire from Deutsche Bank.
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The world’s biggest banks sat out the primary bond market in dollars this week, dashing hopes of a pre-election funding blitz.
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Agricultural Bank of China and Bank of China’s investment arm tapped the bond market on Thursday, joining a host of other issuers that also sought fresh funding.
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Asia’s dollar bond market has been swamped with new deals this week. Thursday was no different, with corporate borrowers from Greater China alone raising just over $3bn between them.
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It was a moderate week for supply in the primary euro public sector bond market but the issuers that did come found ample demand, setting up a decent backdrop for the expected arrival of the European Union’s big borrowing programme next week.
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Rating: Baa1/A-/A+ (issuer expected)
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The leading US investment banks raked in fees from equity origination in the third quarter, with Goldman Sachs, Morgan Stanley and Bank of America all doubling their ECM revenues year-on-year.
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FIG borrowers may be well funded, but rates are low and market conditions are good enough to support opportunistic issuance — as was shown this week by a slate of deals across the capital structure. Given a volatile end to 2020 is likely, issuers will need to stay alert and take advantage of funding windows as they arise, write Frank Jackman and Bill Thornhill.
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High grade corporate bond investors had their pick of crossover deals this week, with Inwit, Veolia and Cellnex offering trades on the periphery of junk ratings, with demand solid as risk appetite remains strong.
