JP Morgan

London-listed tech firm Micro Focus is refinancing and extending its term loan 'B' and revolver, with a $1.435bn-equivalent deal across dollars and euros. The company has had a grim year — reflected in the targeted loan margins — with a series of revenue warnings, a sliding share price and subsequent exit from the FTSE100, a failed sale of part of the business, and the departure of its long-serving executive chairman.

A pair of SSA borrowers hit screens on Wednesday for green euro benchmarks. However, one has decided that its marketing process will be entirely conducted over the phone.

After a pause last week, the primary high yield bond market in euros has bounced back with two new mandates on Wednesday, unsecured deals for US firms Catalent and Silgan. Both deals are in popular industries and refinance existing debt, with leveraged finance bankers telling clients there’s no time to print like the present.

Gazprom returned to the Eurobond market for the first time in a year on Tuesday, pulling in $4bn of orders at one stage in the pricing process, despite the US sanctioning a Rosneft subsidiary.

Delhi International Airport (Dial) returned to the bond market with a tap of its 2029 notes on Tuesday, taking $150m from investors.

Belgium was able to print a large 20 year benchmark bond on Tuesday, pulling in a book of €27bn. But despite the size of the demand, investors were reluctant to follow the price more than 1bp from initial guidance.

JP Morgan has promoted a whole new layer of leadership in its investment bank, reaching down to debt capital markets, equity capital markets and M&A. At the top of the tree, Carlos Hernandez has moved from being head of global investment banking to executive chair and has appointed new co-heads of global investment banking.

US companies piled into the euro bond market on Tuesday, as white goods maker Whirlpool, Dow Chemical and apparel company VF Corp launched medium to long maturity debt.

Riyad Bank has tightened price guidance on its 10 year non-call five tier two bond, with order books at over $4.8bn for the note.

Gazprom has released initial price guidance for a 10 year dollar benchmark at 3.625% area. A US investor said the deal was a “buy”.

JP Morgan has appointed veteran bankers to lead corporate banking divisions in China and Asia Pacific and for its cash management and wholesale payments franchise.

Ninety One, the asset management division of Investec, has announced its intention to float on the London Stock Exchange, formally launching what is likely to be one of the largest UK IPOs this quarter.