JP Morgan

BNP Paribas has hired a new loans banker in Singapore even as a senior executive leaves its southeast Asia originations unit, sources close to the move said.

The pre-summer IPO season is in full swing as issuers and banks look to lock in deals before investors pack their bags for the holidays.

The Export-Import Bank of Korea focused solely on floating rate notes for its $1.5bn dual-tranche bond outing on Wednesday, getting away with tight pricing thanks to robust buy-side demand.

A spate of new IPOs might finally give investors something to shout about after a lacklustre, if busy, second quarter of the year. They are hopeful of the chance to be able to buy into growth companies having become increasingly unimpressed by the number of private equity sell-downs sent their way, write Aidan Gregory and Sam Kerr.

China Merchants Bank’s Hong Kong branch managed to lock in a tight spread without sacrificing size on its $500m floating rate note on Wednesday.

Hong Kong-based Liu Chang has left JP Morgan’s equity capital markets syndicate team, according to a source familiar with the matter.

GlobalCapital announced the winners of its Bond Awards 2018 on Wednesday night at our 11th annual Bond Awards dinner, at the Jumeirah Carlton Tower in London. Some 280 people were there to see the brightest and best performers in the international bond markets in the past year crowned.

Unédic played it safe by offering extra new issue concession to traverse a choppy euro market on Wednesday, ending up with a €1bn 15 year deal and a 1bp tightening from guidance. Dexia Crédit Local is out for a euro deal on Thursday, although bankers said the shorter duration trade should mean the volatility will be less of a test.

On Wednesday, US electrical appliance manufacturer Whirlpool became the second investment grade corporate borrower to pull a deal in a week. German energy company Innogy and Whirlpool both found the corporate bond market tough going on Wednesday, despite having employed two-day marketing strategies. Whirlpool, however, took the hardest hit.

Republic of Latvia was on track to print its new dual tranche euro-offering on Wednesday, though soft markets meant that it was offering a 7bp-10bp new issue concession at the final spread.

Bank Gospodarstwa Krajowego (BGK), Poland's state development bank, has set the reoffer spreads for its seven and 12 year euro bonds. Combined books are in excess of €800m, evenly split between the tranches.

The European Investment Bank has printed a new Climate Awareness Bond — its sole euro green bond for 2018 — opting for an aggressive price and falling short of full subscription. A French agency will follow the supranational’s lead, mandating for a deal with the same tenor.