JP Morgan
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The head of one of Europe's highest profile sovereign debt management agencies has returned to the sell side to run his new firm's investment banking business in his home country. -
A stack of high yield bonds is set to hit the European market, as four issuers announced roadshows on Monday.
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Expectations for a busy week in the investment grade corporate market were maintained despite only Telefonica taking advantage of good primary conditions on Monday, as it sold a benchmark nine year bond in euros.
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The euro market, despite an increasingly hawkish central bank and strengthening euro, is proving immensely popular with borrowers. A pair of sovereigns hit screens on Monday for euro trades, as did two Nordic agencies.
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JP Morgan said its fourth quarter investment banking revenue was up 10% on the year to $1.64bn — a welcome boost, given a miserable result in markets — but said that it had booked $273m against the troubles of South African retailer Steinhoff.
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India's Tata Steel has lined up a group of 21 lenders for an up to $2.16bn six year loan, which will be launched into primary syndication in a couple of weeks, said bankers close to the deal.
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Tata Steel, Tunas Baru Lampung and State Bank of India are on the prowl for dollars as they kick off their annual fundraising activities.
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Thailand’s Osotspa is planning a flotation of up to $400m on the domestic bourse this year, said bankers working on the trade.
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Equity investors had their fill of block trades in Hong Kong on Thursday, with three completed successfully — and two even managing to raise more than intended.
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