JP Morgan

Rating: A1/A

Guarantor: Joint guarantee from Belgium, France and Luxembourg

Northrop Grumman and Wal-Mart printed the biggest deals in their history as event-driven dollar bond supply roared back to life following the Columbus Day holiday.

The African Development Bank (AfDB) said that it intends to enter the social bond market and will be roadshowing its social bond framework beginning October 19, it said this week.

The private equity arm of Goldman Sachs has sold the last of its shares in Dong Energy, the Danish power company, for Dkr4.3bn (€576m).

Abu Dhabi Commercial Bank is set to come to market for a potential triple tranche kangaroo bond on Friday, following a deal from Emirates NBD that, according to a banker at one of ADCB’s leads, showed the market was still accessible to Middle Eastern borrowers.

Yet another new London IPO was unveiled on Thursday, when ContourGlobal, the emerging markets-focused power generation company, said it would raise $400m to finance growth and cut debt, by selling new shares to institutional investors.

JP Morgan and Citigroup gave earnings season a rocky start on Thursday, with fixed income revenues at both firms well down on last year, as record low volatility levels bite deeper into trading activity. But investment banking remained largely resilient, and Citi’s ECM numbers surged.

Chlorvinyls firm Inovyn, a subsidiary of chemicals group Ineos, was on course to shave 150bp from its 2024 term loans in a repricing on Thursday. But market participants warned that the trade betrays signs of a lack of discipline in the market.

Zhongsheng Group Holdings gave convertible bond investors a rare taste of sub-one year paper this week, replicating a structure that has gained popularity in the debt capital market for its ability to sidestep Chinese regulatory restrictions.

Empark, Vallourec and Dufry met strong demand for their new high yield bonds this week as investors opened their deep pockets.

The Development Bank of Japan has managed to yank the spread in by 8bp for its third sustainability bond on Wednesday, which was still more than three times subscribed.