JP Morgan
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Investec plc, the South African bank’s UK branch, has signed a loan for $450m — growing to more than double its launch amount of $200m after being three times subscribed. -
The German private nursing care group Alloheim Senioren-Residenzen is out with a new leveraged loan offering to fund its buyout by Nordic Capital. This loan is among the first deals to be lined up to close in February, as hopes build of a surge of merger and acquisition driven borrowing.
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Polyus Gold, Russia’s largest gold producer, priced a $250m convertible bond on Friday, just a day after issuing a separate mandate for a new Eurobond.
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United Company Rusal has returned to its core currency after issuing two Panda bonds via private placement last year. The Russian aluminium producer will meet investors for a dollar bond of intermediate maturity next week.
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Turkish petrochemical manufacturer and debut issuer Petkim Petrokimya Holding was marketing a five year bond at what one rival banker called a “punchy” starting point on Friday.
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Investors showed their faith in Tata Steel on Thursday, pouring money into the Indian issuer’s dual-tranche transaction, shrugging off the weak structure and aggressive pricing.
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Following a fourth quarter in 2016 that saw frenzied trading on the back of Donald Trump’s election as president, a rally in US stocks and a steepening yield curve, the biggest US banks saw trading revenues slide at the end of last year.
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JP Morgan has hired an emerging markets trader from Jefferies.
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All of the US banks that reported results this week booked losses related to troubled South African retailer Steinhoff, other than Morgan Stanley — despite the close relationship between the bank and the firm, which saw it handed a plumb gloco role on the IPO of its African retail arm in September.
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Wall Street’s biggest banks hit the dollar bond market with multi-billion offerings after reporting fourth quarter earnings this week, and supply-starved investors piled into the new deals.
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