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  • Paddy Power looks to cash out with US private placements — Spurs up private placement deal to £525m — LXi Reit draws new revolver for acquisitions — AMS lines up €4.2bn bridge loan in Osram swoop — Ukraine’s Kernel to tap lenders for A&E
  • Moelis hires JPM Dutch chief, JPM finds replacement — Nachmann replaces retiring Chavez at Goldman — PRI founding exec moves from UBS to Credit Suisse
  • CEE
    The price of Ukraine’s GDP warrants climbed rapidly this week on news of a “definite plan” to minimise the instruments’ impact on the country’s debt burden.
  • The frenzy of investment grade corporate bond issuance in Europe intensified on Thursday, when eight companies came to market, issuing a total of €6.6bn of paper in euros. That brought the total for the first four days of this week to over €20bn. Despite the heavy supply, issuers have found sufficient demand to support their notes.
  • The UK is preparing to launch its second sukuk in early 2020, said city minister John Glen on Wednesday in a speech at an Islamic Finance Week event held at Mansion House.
  • Europe’s equity-linked market restarted with a bang this week, with more than €1.3bn of new supply. A scarcity of deals throughout this year and fears of a deteriorating economic outlook in the region are fueling a strong bid among investors for convertible bonds, particularly those issued by investment grade companies.
  • Beazley Insurance dac eschewed the sterling market to raise $300m of tier two capital in the dollar market this week, ending up with a trade that was four times subscribed by Reg S investors.
  • Emerging market issuers are moving to print in the bond markets as investors’ desperation for positive yield hits fever pitch. With some borrowers looking to refinance maturities falling due in 2020 and 2021, a pivot towards bonds from loans, and Gulf Cooperation Council sovereigns rumoured to be making moves, some bankers say this year could challenge the record for annual CEEMEA volume.
  • Swedish pension fund Första AP-fonden (AP1) has dismissed its chief executive Johan Magnusson in relation to him subscribing privately to the IPO of John Mattson Fastighetsföretagen, in which the fund was also participating.
  • The US private placement market is set to host its first gambling firm from the UK and Ireland this month. Paddy Power's PP could herald a stream of trades from the sector, but investors should beware the risks of herding into any old deal offered to them.
  • CEE
    Two Russian steel companies have announced mandates and roadshows this week and look set to become the first corporates from the country to test the bond market since the latest round of US sanctions on their country in early August.
  • Credit Suisse has recruited a banker from Deutsche Bank to join its equity capital markets solutions origination team in Paris.