JP Morgan
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UBS and Citi trader Tom Hayes was jailed for 11 years for manipulating Libor. But while the trader argued that he was made a scapegoat for the financial crisis, perhaps the rate he rigged is a bigger victim. -
Chinese robotics company CloudMinds has taken its foot off the pedal for its New York Stock Exchange IPO, initially expected around this week, and is instead waiting for less volatile global capital markets, according to sources close to the deal.
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Investors poured orders into the only new issue on Friday, despite a softer backdrop in the corporate bond market. Repsol, a Spanish energy company, was more than six times subscribed for its €750m eight year note.
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JP Morgan became the first US bank to issue a preferred bond linked at the back-end to the secured overnight financing rate (Sofr), amid a torrent of bank supply in dollars this week.
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A pair of Middle Eastern credits received large orders for what may be among the last bonds issued before the summer lull.
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Investors have looked towards structured and long dated notes in their hunt for yield as the summer break creeps closer.
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Worldline, the French payments company, attracted strong investor demand for a negative-yielding €600m convertible bond due in 2026, to refinance its acquisition of a minority stake in equensWorldline, its transaction processing subsidiary.
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As the market prepares for Libors to end their run as the world’s most prevalent reference rates, there is growing support for the benchmarks to be reprieved.
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Oman came to market on Thursday for a pair of dollar benchmarks, offering initial price thoughts onlookers described as "generous" and gathering a large order book ahead of the opening of the New York market.
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Peruvian holding company Intercorp Peru issued more debt than initially intended on Wednesday after notching a heavily oversubscribed order book in its first international trade since 2015.
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Country Garden-linked Bright Scholar Education Holdings made its debut in the offshore bond market on Wednesday, raising $300m from a heavily-covered transaction.
