JP Morgan
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Market participants are divided over the importance of having total return swaps (TRS) for the additional tier one (AT1) market, after investment banks started offering the contracts earlier this month. -
En+ Group, the Russian power and metals company controlled by Oleg Deripaska, has opened the books for its $1.5bn IPO in London and Moscow, which may value it at up to $8.5bn if the deal is priced at the top of its price range.
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The economic dialogue between Beijing and Washington could determine how far and fast China will allow foreign ownership to expand in its banking sector, according to Jing Ulrich, vice chairman of Asia Pacific at JP Morgan.
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Southeast Asian issuers have been largely absent from a bumper crop of dollar bond supply in the region over the last few weeks. But Malaysian aluminum producer Press Metal Aluminium Holdings is planning to add a bit of spice to the market, after opening books for its debut on Monday.
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Jianpu Technology has filed for a $200m listing of American Depositary Shares, tapping three bulge bracket banks as underwriters. Hong Kong-based iClick Interactive Asia Group, meanwhile, is eyeing $100m.
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Tencent-backed China Literature has kicked off bookbuilding for a Hong Kong IPO that could raise up to HK$8.32bn ($1.07bn), according to a term sheet seen by GlobalCapital Asia.
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Expectations for third quarter earnings at Europe’s investment banks have taken a knock, following a disappointing round of US bank earnings that saw trading performance remain muted. European banks may also be losing market share in trading, and any poor performance will be compounded by the strong euro.
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With asset prices inflated to levels that would have seemed impossible a few years ago, capital market participants are looking forward to the European Central Bank’s (ECB’s) eventual exit from its quantitative easing (QE) programme with a mix of hope and dread, writes Lewis McLellan.
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Investors in public sector dollar deals have found themselves forced to accept brutally tight pricing as issuers drive in spreads to round off their funding programmes.
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The Federal State of North Rhine-Westphalia came to market for its longest ever bond on Thursday, raising €1bn with a 40 year transaction in a market that “just can’t get any hotter”, according to a banker at one of the leads.
