JP Morgan

German ball bearing producer Schaeffler will close books on its €1.8bn-equivalent term loan ‘B’ today. Early signs are that investors have received the familiar credit enthusiastically.

JPMorgan’s corporate and investment banking division saw a 34% slump in profits driven by a provision for $1bn in legal expenses and increased compensation costs. The bank saw an overall increase in profits year on year of $5.6bn, slightly below expectations for the quarter.

Turkish Yapi ve Kredi Bankasi has released initial price guidance of 375bp over mid-swaps for a dollar five year benchmark bond, offering around a 20bp-30bp premium over its own interpolated curve, according to a banker away from the deal.

Mobile phone maker Xiaomi’s $1bn dual tranche loan has netted commitments from nine lenders in general syndication. The deal has been a popular one as bankers are eager to lend to the company that has ambitious plans for global expansion.

JP Morgan is bringing all of its fixed income syndicate teams together under new global co-heads Ryan O’Grady and Bob LoBue.

Korean Reinsurance priced its debut subordinated bond on Tuesday. The borrower was keen to take advantage of the low rate environment, and to get ahead of the looming $6.5bn additional tier one from the Bank of China.

Subordinated perpetual bond issuance from Asian insurers is on the increase with a second insurer looking to follow Korean Reinsurance to the market next week. The low rate environment is proving conducive for high beta products like sub perps, according to bankers.

Swiss toilets firm Geberit on Tuesday announced a Sfr1.29bn deal to buy Finnish bathroom fixtures firm Sanitec, using a dual tranche bridge loan from JP Morgan.

Citi is posting the widest lead in volumes of CEEMEA bonds arranged since 2011, meaning the US bank is odds-on favourite to finish 2014 at the top of the table. But though the gap will be difficult for JP Morgan to close by December, figures from previous years show that it is not impossible.

Korean Reinsurance (Korean Re) has brought out Korea’s first offshore subordinated bond from the insurance sector.

Chinese real estate developer Country Garden Holdings got a red hot reception for its HK$3.18bn ($410m) rights issue on October 14 as the transaction ended up close to nine times covered.

JP Morgan has put Elena Garcia Hernandez, an analyst on its syndicate desk in London, at risk of redundancy.