JP Morgan
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A smattering of smaller euro issuers made the most of an attractive window this week, as they looked to use the stable conditions to take “some risk off the table” ahead of the summer break. -
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Gazprom ended a three year absence from the Swiss franc market this week by attracting a large amount of retail participation in a Sfr600m ($653.4m) deal that launched at an attractive spread.
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Europe’s high grade corporate bond market had a patchy week of issuance, with borrowers dancing around the overhang from the US Federal Reserve meeting and Thursday’s Bank of England equivalent.
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The Republic of Slovenia debuted in the sustainable bond market this week when it sold its third debt offering of the year. It is only a matter of time, bankers said, before sovereigns across central and eastern Europe embrace the ESG debt markets.
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Spain raised €8bn this week with its fourth syndication of the year, demonstrating that in spite of the Next Generation EU’s €20bn debut last week, the euro market still has plenty of depth. Concerns about hedge funds placing enormous orders are starting to recede, said bankers on the deal.
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Snam, the Italian energy infrastructure company, managed only a tepid reaction from the market on Thursday with a 10 year transition bond, as highly rated names continue to find it tough to get full throated support at such tight levels.
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Barclays has poached a leading real estate investment banker from JP Morgan in a move rivals say could lead to shift in banking relationships.
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Animal healthcare company Huvepharma has opened the books on its €463m IPO on the Amsterdam Stock Exchange.
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European companies piled into the bond market on Wednesday with a variety of deals that favoured duration, as buoyant sentiment returned after being sapped by the US Federal Reserve last week.
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UK firms Anglian Water and care home company Assura ducked into the sterling bond market on Wednesday, ahead of the Bank of England meeting on Thursday, and both obtained comfortable oversubscription on their benchmark deals.
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Orange, the French telecoms company, launched €1.5bn of conventional bonds in two tranches on Wednesday, as the company’s group treasurer said he was waiting for the sustainability-linked bond market to mature before joining the quickly growing debt niche.
