JP Morgan
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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. -
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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Guarantor: Kingdom of Belgium (51.41%), Republic of France (45.59%) and Grand Duchy of Luxembourg (3.00%)
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SSAs enjoyed a fine week in the sterling market, raising a total of nearly £2bn as bankers pointed to several factors that could be driving demand.
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The euro market has, after a wobble in the first week, adjusted admirably to a new price level and got off to a spectacular start, providing record book sizes and smooth executions across the curve.
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Italy and Portugal showed this week that any concerns about the pace of eurozone quantitative easing halving to €30bn from January were overdone as they each built their largest ever benchmark books. Italy’s trade was particularly notable, as it was the last syndication by its retiring head of funding — and market stalwart — Maria Cannata.
