JP Morgan

JP Morgan has picked two of its own staff to fill newly-created posts as co-heads of investment banking across the Asean region.

The New Development Bank was not able to claim a seat among the top supranational borrowers as it brought its debut dollar benchmark on Tuesday, pricing at a spread of over 30bp to the premium triple-A rated names, according to on-looking SSA bankers.

Lloyds Bank Corporate Markets seized the opportunity to raise senior funding in sterling on Tuesday, with the market back in 'extremely good shape' after several days of volatility. It is expected to be followed in the currency by Legal & General Group and Virgin Money, which have each announced strategic transactions this week.

New Zealand attracted record demand for its largest ever bond as it tapped the market with a four year syndication on Tuesday. With the government facing an elevated funding programme in 2020-21 to combat the effect of the coronavirus pandemic, there is a feeling that record-breaking deal sizes will become more common a spectacle.

AIB Group priced a €625m additional tier one (AT1) bond in euros this week, following several volatile days of trading for the asset class. The deal surpassed expectations in terms of size and pricing, having been run along with a tender offer for one of the Irish lender’s existing AT1s.

Belgian materials technology and recycling company Umicore has tapped into growing investor demand for issuers with strong ESG credentials by placing a debut €500m convertible bonds to fund its development and diversify its funding structure.

The strong response from banks to Charoen Pokphand Group’s acquisition-related loan is not a true reflection of conditions in Asia’s syndications market — despite what some may say.

Industrial Bank of Korea bagged $500m from a social bond on Monday, with the proceeds pegged to help companies struggling because of the Covid-19 pandemic.

The New Development Bank and Kommuninvest began marketing new dollar benchmarks in the short end of the curve on Monday, with the former set to issue its long-awaited debut deal in the currency to support its member countries from the coronavirus pandemic.

Sentiment is deteriorating in the financial institutions bond market amid fears of a second wave of coronavirus infections. Issuers are now expected to take a back seat until credit spreads show more signs of stability.

New Zealand hit screens on Monday morning with a new syndicated bond, its third of the 2019-20 fiscal year.

Hotel and casino operator Wynn Macau followed its gaming peers into the dollar bond market last Friday, but weaker market sentiment meant the borrower failed to tighten guidance on its $750m deal.