JP Morgan

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.

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.

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.

JP Morgan has hired an emerging markets trader from Jefferies.

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.

Guarantor: Canada

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.

Rating: Aaa/AAA/AAA

Strong moves in the Mexican peso and the peso/dollar basis swap have ignited investor demand for bonds in the currency from SSA issuers that can offer a pick-up over govvies.

Only a single issuer came to market in euros on Thursday. In what a banker away from the deal referred to as “good traffic control”, Austria had the market to itself for a €4bn 10 year.

The International Finance Corporation on Thursday offered a solid helping of three year supply to a dollar market that has so far this year been dominated by five year issuance. The issuer was rewarded with a well oversubscribed book, with bankers away from the deal suggesting central banks would have played a large part.

Leveraged loans have dominated leveraged buyout financing in recent months, but high yield bonds could be poised for a comeback, say European investors. Crown Holdings, the US can maker, added to early signs of optimism with its new €1.5bn cross-border bond offering this week, writes Victor Jimenez.