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Specialist moves after 18 years in the market
New dangers are making deals harder to do, but pricing for the haves is still tight
Manager refinances 2023 deal, reset in 2024
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Bain Capital-backed market research business Kantar showed this week that investors still have some bite in the high yield market. Buyers forced the issuer to flex numerous covenants, tinker with the tranches, delay the issue and consent to unusually juicy coupons. The deal may not be a sign of things to come, however, as Crown waltzed through its bond launch, setting a new low coupon record for a fixed rate bond. -
James Janoskey will head up JP Morgan’s investment banking activities for energy in Europe, the Middle East and Africa.
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France’s FFP issued a €300m no grow seven year debut bond on Wednesday, marking a rare market outing from an unrated French credit this year.
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High grade corporate bond investors found themselves in a tricky spot this week with issuers entering an earnings blackout period just as the European Central Bank has added a huge technical bid in the form of its asset purchase scheme.Meanwhile, the macroeconomic picture is starting to look increasingly frayed at the edges for debt markets.
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JP Morgan has appointed Alex Watkins as head of equity capital markets for the UK, replacing Nicholas Hall. Meanwhile, the bank has picked a new head of its consumer and retail sector coverage team for UK investment banking.
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Asian issuers tend to treat the 144A market as little more than a sideshow, rarely putting in the extra work to bring their deals to US investors. That needs to change.
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