JP Morgan
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Goldman Sachs, JP Morgan and Korea Investment and Securities have been picked as advisers to Samsung SDS’ proposed listing, according to bankers close to the transaction. -
No company issued a Eurodollar bond from August 2013 until this month, but since Nestlé’s $650m deal on May 7, two other well rated companies have followed suit.
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Danish savings bank Nykredit will sell tier two debt on Friday afternoon, receiving strong demand for a Coco print.
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Carlsberg Breweries returned to the euro bond market after an 18 month gap on Tuesday with a successful €1bn 10 year bond, though it had to contend with a market that has lost a little of its rude bullishness in the past week.
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GDF Suez launched its second modern-style hybrid capital issue on Thursday in a successful €2bn transaction that contrasted with the rocky execution of its first issue in July 2013. The deal showed the corporate credit market bouncing back vigorously after five days of weak trading.
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Storming conditions in dollars this week led to a series of blow-out deals — but a large amount of supply in the last two weeks, plus uncertainty over the outcome of upcoming European elections and what the European Central Bank will do at its next meeting could mean that issuance conditions won’t be red hot for much longer. Those problems could also affect euros — where issuers considering deals at the 10 year part of the curve have the added difficulty of offering a sufficiently enticing yield.
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After weeks of enjoying near-perfect funding conditions with bulging order books and extravagant spread tightening, two high-grade corporate borrowers on Monday received a jolt from investors as pricing power appeared to evaporate. Normal service was soon resumed however, and by Thursday Telecom Italia was able to end its five year absence from the dollar market with a $1.5bn 10 year deal that offered investors a perfect combination of novelty and yield.
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Eurozone periphery issuers showed themselves to be resilient when tackling choppy markets, as borrowers printed a series of strong deals despite yields pogoing over the course of the week.
