JP Morgan
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It was a mixed picture in the dollar public sector bond market on Thursday. A Norwegian agency was able to tighten the spread of its five year fixed rate trade on the back of a well subscribed order book. But a supranational was not able to achieve the same momentum for an intraday three year Sofr-linked floating rate note. -
New emerging market bond issues have been assessed on a case-by-case basis this week as the spread of the Covid-19 virus delivered sharp swings in global markets. Some borrowers wanted to forge ahead in case of a further sell-off, while others prefer to wait for a recovery.
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JP Morgan’s latest high-level reshuffle has put a crack team of dealmakers at the top of the firm, and opened room for new leaders to come up. But keeping senior bankers happy can be difficult, writes David Rothnie.
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New emerging market bond issues are being assessed on a case by case basis as a split between those issuers keen to forge ahead and those preferring to delay emerges.
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The World Bank has surprised onlookers with a five year benchmark bond, printed into the teeth of the volatility caused by Covid-19 and an emergency rate cut from the Federal Reserve. The successful deal from the supranational has emboldened an agency to follow suit, with others expected to follow.
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Schneider Electric, the French electrical equipment company, and Carlsberg, the Danish brewer, zipped through the open window for corporate bond issuance on Wednesday, as bankers say coronavirus volatility has made this a market for opportunists.
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Coronavirus fears and plunging markets meant a flood of pulled deals in leveraged loans — but a strong backdrop for some, notably French medical diagnostics and testing business Biogroup-LCD which launched a €274.7m acquisition loan into general syndication through JP Morgan and Natixis on Tuesday.
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GTLK Europe, an air and sea vehicle lessor, has priced a seven year unsecured bond — its longest dated deal to date. It paid a premium to investors, but won praise for steering the transaction through a market that had recently been shuttered due to Covid-19 chaos.
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World Bank surprised some market participants by announcing a five year dollar benchmark shortly after the Federal Reserve slashed rates in response to the Covid-19 coronavirus outbreak, but before the details of the Fed's plans were unveiled at a press conference.
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Troubled UK tech firm Micro Focus succumbed to miserable market conditions on Monday when it decided to postpone a refinancing and extension of its revolver, promising a return "once market conditions improve".
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Two German states rebooted the primary SSA market on Tuesday with intraday deals at the opposite ends of the euro curve. The five year deal was almost two times covered but there were no book updates for the 15 year.
