JP Morgan

JP Morgan injected some life into the FIG dollar bond market with a $2.5bn trade this week, after US banks and financial names delivered another moribund month of supply.

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The Inter-American Development Bank (IADB) and European Investment Bank (EIB) swung by the sterling market this week, as a lack of competitive activity and a favourable basis swap proved to be a strong lure for issuers.

Saudi Telecom Co printed a $1.25bn 10 year sukuk on Thursday from book of more than $4.5bn, with a spread just inside fellow state-owned corporate Saudi Electric Co.

Sirius Minerals, the London-listed miner, has won investor support for the equity leg of a $2.8bn financing project that will fund the largest polyhalite mine in the world.

Saudi Telecom Company has tightened price guidance for its debut international sukuk, a dollar 10 year that has already drawn a book of around $3.5bn.

Finablr has set a range on its London IPO, valuing the business at a more conservative multiple than many had expected when the roadshow began. That will please prospective buyers, some of whom were also impressed with an appearance from the company’s billionaire owner, BR Shetty.

Allegro, the Polish e-commerce platform, is raising Z2bn (€470m) in a dividend recapitalisation, according to bankers. The deal, one of the biggest CEE loans in this year’s pipeline, is being led by three local and international lenders, although some market participants said the Polish banks would be capable of providing all the money.

Viva Biotech Holdings has pulled off an impressive HK$1.52bn ($194m) Hong Kong IPO, striking retail gold as the local public swamped the deal, grabbing half of the stock for themselves. The high level of retail interest is a rarity for IPOs in the city and something that is often unwanted, bringing potential wild price swings to a stock soon after listing, say some bankers. But others foresee enough institutional demand to swallow any bulk selling in the first days of trading. Jonathan Breen reports.

Indonesian property developer Alam Sutera tapped its 6.625% 2022 notes on Tuesday, raising $125m from the trade.

Sirius Minerals, the London-listed miner, has won investor support in the equity financing leg of its new $2.8bn phase two project financing to fund the development of what is intended to be the largest polyhalite mine in the world in the North York Moors near Whitby.

Michele Colocci has left JP Morgan and will rejoin Morgan Stanley as chairman of M&A.