JP Morgan

Rating: Aaa/AAA

Guarantor: Federal Republic of Germany

JP Morgan stormed straight out of earnings blackout with a benchmark trade immediately after kicking off Wall Street results season on July 14, and with rivals emerging from earnings blackout in the coming days, the rest of the month promises to be busy.

Monsanto’s shares moved only a little on Thursday afternoon, suggesting investors are not yet convinced by Bayer’s revelation of a new, slightly higher offer for the company, as it revives its drive to create a global leader in agricultural science.

Another three SSA dollar deals hit screens on Thursday, all living up to the high standards set by a multitude of predecessors this week.

Banks are set to get a big boost in their markets divisions in their second quarter earnings, if they follow JP Morgan's lead. The US bank, the first to report second quarter earnings, posted a profit increase of 23% in markets after volatility and volumes surged in the aftermath of the UK vote to leave the European Union.

Despite a steady flow of senior departures, the US bank remains the firm to beat in Europe, writes David Rothnie.

Omani borrowers have lit up the loan market with deals this year but Bahrain — another country vulnerable to oil price shocks — has seen little deal flow. Two large dollar deals for Bahraini borrowers in recent weeks, however, have shown the country is back in the fray.

Monte dei Paschi di Siena could be left with a capital shortfall of €4bn if it completes a sale of non-performing loans to Fondo Atlante.

South American sovereign Uruguay raised $1.147bn of bonds on Wednesday via a tap of its 2027s and 2050s in the longest maturity EM sovereign bond sale of the year.

The green bond market is set for some new action with Link Real Estate Investment Trust kicking off a dollar transaction on Thursday.

PerkinElmer, the US human and environmental health technologies company, rolled into a piping hot European bond market on Tuesday and aggressively cut pricing on its debut euro bond, only for it to snap 35bp tighter in secondary.