JP Morgan
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Changes follow arrivals of Raghavan and Mangla from JP Morgan -
◆ Dual-tranche deal attracts €200bn of orders ◆ New seven year was somewhat unexpected ◆ Bookbuilding started with 4bp of premium
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Two more major US banks issue bonds but three do not despite spreads at post-GFC tights
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◆ Deal sees $4.25bn in demand ◆ Good value versus tier one SSAs ◆ Short-end dollar attracts interest
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◆ World Bank returns to five year dollars ◆ Rare IDA 10 year on offer in euros ◆ Supra open for business until year-end
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◆ Issue takes large size from single tranche ◆ Tight US Treasury spread is expected ◆ How much tighter can issuers go?
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Bumper September brings post 2020 peak
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◆ Another $500m no-grow launched ◆ Can’t stay away from the dollar market ◆ Fair value hard to pin down
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◆ Pricing through fair value ◆ Big size for 'darling' Canadian issuer ◆ Attractive pricing over tier one SSA names
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◆ Last EARN benchmark from the supra this year ◆ Deal's success will be hard to replicate ◆ Issuer could prefund another €4bn
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Pfizer and Greek bailout fund selling as Applied Nutrition launches IPO
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Tech firm to repay part of WMWare financing after biding its time
