JP Morgan

Kotak Mahindra Bank is set to raise Rp74.4bn ($983.7m) from an issue of fresh equity, after a strong turnout from institutional investors pushed pricing to the top of the range, according to a banker on the deal.

The New Development Bank is looking to take advantage of the strong demand in dollars by bringing its long-awaited inaugural trade in the currency as part of its response to the coronavirus pandemic.

JP Morgan has started syndication on a refinancing loan for Micro Focus, a deal first marketed at the end of February but pulled in the first week of March, in a further sign that the loan market is healing enough to start clearing the overhang of pre-coronavirus financings.

Metals and mining company Vedanta Resources is seeking a bridge loan of $2bn to $2.5bn to take its India-listed subsidiary private.

Chinese internet giants JD.com and NetEase are targeting mid-June to launch their respective Hong Kong listings, according to sources familiar with the matter.

A quartet of SSAs borrowed a combined A$940m ($613.4m) into the Kangaroo market this week, spurring the SSA Aussie dollar market on to its best monthly volume in over nine months.

A series of comeback trades has established firm demand for every debt class in the bank bond market. With credit spreads moving another leg tighter this week, issuers must now consider whether they have a precious opportunity to wheel out their riskiest transactions with the coronavirus pandemic still threatening society and capital markets. Tyler Davies reports.

European banks are expected to hit the dollar market in force over the coming weeks as they look to take advantage of an extended rally in spreads.

Pfizer was at its opportunistic best this week as it issued $4bn of notes that included the lowest ever coupon on a corporate five year bond.

Citi picks Nick Darrant as syndicate head — And it sets up new sustainability and science units — JP Morgan reveals next layer of DCM, ECM and M&A bosses

Nick Darrant, JP Morgan's head of CEEMEA debt capital markets syndicate, is leaving the bank after five years to join Citigroup as co-head of EMEA syndicate.

Emerging market bond issuance, particularly from the Middle East, has been recovering after the brutal March shocks of Covid-19 and low oil prices. Egypt took that momentum further on Thursday as it announced a triple tranche trade.