JP Morgan

Argentina’s resurgence in international bond markets helped JP Morgan end 2016 as the top firm in primary in Latin America bond markets, up from sixth place in 2015, according to Dealogic.

Equity investors have something new to believe in: fiscal largesse in the US kickstarting global growth. That’s good news for the many companies and banks with capital to raise in 2017 — the trouble is, markets are likely to be as volatile as Donald Trump’s temper. By Jon Hay, additional reporting by Aidan Gregory

On the surface, equity capital markets are a well-oiled machine, built to run over the rocky ground of unpredictable stockmarkets. Beneath the surface, there is a lot of sweat. Banks are having to staff their teams with less money, but do just as many deals. Investors are under the cosh, too, squeezed by weak performance and the march of passive funds. Jon Hay reports.

As plans for the bailout of Banca Monte dei Paschi take shape, attention is turning to how its shares could trade once the recapitalisation has taken place. The financial details are not clear yet, but it is likely to involve the creation of €5bn or more of new equity, held by the government and former owners of subordinated bonds.

CEEMEA borrowers had their busiest year since 2013 this year, issuing $157bn of international bonds which is just shy of double 2015’s volumes.

Conditions are far from ideal for the launch of Banca Monte dei Paschi’s €5bn equity capital raising, but the subscription period began this morning, with the original bank syndicate but no underwriting commitment.

The stream of dollar issuance from European non-investment grade companies may thin in 2017, market participants believe, as central banks in the US and Europe further diverge their monetary policies.

First Capital Securities will acquire JP Morgan’s 33.3% stake in its Chinese joint venture, according to a filing with the Shenzhen Stock Exchange.

Netmarble Games has received the green light to list on the Korea Exchange, paving the way for an estimated W2tr ($1.7bn) IPO next year.

China Vanke Co bagged $600m on Thursday from its first international bond in more than three years, sneaking into the market the day after the Federal Reserve announced a rate hike.

Deutsche Bank, Goldman Sachs and JP Morgan are joint lead arrangers and bookrunners for a bridge loan of up to £12.2bn ($15.18bn) which 21st Century Fox will use to buy the remaining shares in Sky it does not own.

Senior European fixed income investors believe high yield issuers will find it more difficult to refinance bond debt in the market in 2017, according to a Fitch survey — but around a third also tip the asset class as their favoured marginal choice.