JP Morgan
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The former co-head of Bank of America Merrill Lynch's EMEA corporate and investment bank, Bob Elfring, has returned to banking in a vice-chair role at JP Morgan after retiring in 2018. -
JP Morgan has appointed Andrew Verdasca as head of East Asia technology, media and telecommunications (TMT), according to an internal announcement seen by GlobalCapital Asia.
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Supply was light in the US corporate bond market this week, partly because the May non-farm payrolls report is due on Friday. Participants are braced for volatility after the US Federal Reserve announced on Wednesday it would start selling its holdings of corporate bonds, purchased as a stimulus measure at the height of the pandemic. It was left to Vodafone of the UK to reopen new issuance after the Memorial Day holiday.
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Europe’s corporate bond market has seen an influx of ESG deals from highly polluting sectors, testing how much environmentally and socially conscious investors buy into firms' transition stories.
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Russian gold miner Nord Gold said on Thursday that it wants to launch an IPO on the London Stock Exchange, following a rally in the price of gold since March.
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Nestlé, the Swiss food company, landed its largest ever euro bond on Wednesday, close to or through fair value. But investors showed a strong preference for the shortest tranche after EU inflation turned out higher than expected this week.
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The Council of Europe Development bank will come to market on Thursday for a $500m no-grow social inclusion bond maturing in June 2024.
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Commodities brokerage Marex Group has opened the books on its £100m plus IPO on the London Stock Exchange.
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Medical device maker MicroPort Scientific Corp has made its first visit to the equity-linked market, raising $700m from convertible bonds. A recent rally in the Hong Kong-listed issuer's share price meant it had to assuage price-sensitive investors, but still ended up seeing strong support for its deal.
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French digital music company Believe has fixed the terms for its €300m IPO on Euronext Paris, after scaling back the deal size amid a challenging market for new stockmarket listings in Europe.
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Prospects for companies to issue more social bonds rose this week, with the debut issue by Electricité de France, a borrower with a long and influential track record in the green bond market.
