JP Morgan

Lenders unconcerned as recession portents mount — Booking Holdings gets global group for revolver — Pemberton raises €3.2bn more for Europe’s mid-market — Eurotorg re-enters rouble debt market

Following what a banker on Wednesday's euro bond called the ‘richest syndication of all time’, the Republic of Finland is looking at a possible return to the dollar market.

The hail of issuance in European corporate bonds continued at full pelt on Wednesday as Orange and National Grid joined the fray with multi-tranche deals. Investors and issuers seem equally eager to do business.

Europe's corporate bond market opened emphatically for business on Tuesday, as seven issuers banished all memories of the summer holiday. Despite there being plenty of choice for investors, demand was high across the board. Multiple deals were two to three times oversubscribed, while the largest, a €3.5bn four trancher from Siemens, the machinery maker, was nearly 4.5 times covered.

The dollar SSA market has started the short week on the front foot, with a trio of trades hitting screens on Tuesday.

A trio of European agencies and a supranational all priced taps at the long end of the Kangaroo curve last week, with tenures ranging from nine to 12 years. Yields on these notes have fallen compared to previous taps, as the Kangaroo market feels the effects of the global bond rally.

ArcelorMittal, the steel company headquartered in Luxembourg, has amended and extended a $1bn revolving credit facility via its US business.

US online booking company Booking Holdings has signed a $2bn revolving credit facility, with a slew of domestic and global banks joining the trade.

KBC only needed to offer a slim new issue premium to attract €2bn of demand for a new tier two bond this week. The deal pricing was squeezed by 20bp from initial price thoughts, resembling senior deals from other issuers.

Megvii Technology, a Chinese artificial intelligence (AI) company best known for the facial recognition platform Face++, has set the ball rolling for its dual-class share listing in Hong Kong.

The China Securities Regulatory Commission (CSRC) has approved the appointments of a number of directors at JP Morgan’s new China securities joint venture, including its head of investment banking.

JP Morgan announced the terms of a massive tender offer this week, as supply slowed to a trickle in the US dollar market.