JP Morgan

Biocartis, the Belgian developer of molecular diagnostics systems, has launched a €60m accelerated capital increase to finance product development, sales and marketing and the expansion of its manufacturing capacities.

As fund managers fill their pockets with corporate leveraged finance debt, borrowers like BMC Software are taking advantage of strong conditions to slash funding costs across their financial structure.

Growthpoint, the South African listed property investment holding company, has picked banks for its first public deal since 2011. Though deemed an emerging market trade because of the jurisdiction of the issuer, it also appeals to corporate or high grade funds.

India’s Lodha Developers International netted $125m on Monday from a tap of its bonds sold back in 2015, using its recent development and growth story in the London market to hook investors.

The leveraged loan market is approaching Christmas on course to beat last year’s issuance, particularly for financing of new buyouts.

India’s Lodha Developers International opened books for a tap of its existing $200m 12% 2020s on Monday, more than two years after the original notes were sold.

China’s Alibaba Group Holding, which wowed the debt market three years ago with the largest G3 bond on record from Asia ex-Japan, is preparing for a comeback, mandating banks for its upcoming dollar outing.

Macquarie and JP Morgan had the market to themselves this week, as dollar supply slowed to a trickle ahead of the Thanksgiving holiday in the US. But Yankee banks could help to increase deal flow in the run up to Christmas.

Blockchain’s seemingly inexorable encroachment on the capital markets business reached a new phase on Wednesday with the world’s first bond denominated in cryptocurrency.

Two leveraged loan deals in the market this week, for Tele Columbus and PlusServer, have both had their margins tightened by 25bp, suggesting that market participants who predicted early this week that spreads were going to start widening had spoken too soon.

The dollar tranche of Ülker’s second loan of the year has been priced 20bp tighter than on its first loan of 2017, suggesting the market is swinging in Turkish borrowers’ favour as political noise in the country quietens down.

Shares in Migros Ticaret, one of the biggest supermarket chains in Turkey, fell 8.5% on Wednesday after BC Partners sold a 7.3% stake in the company in a block trade on Thursday night. The shares fell another 3.5% on Thursday.