JPMorgan India loses 4 senior executives to rival

(Reuters) - "We reiterate that India continues to be a priority focus for JPMorgan. We propose to make additional announcements shortly," he said.




An Indian newspaper said the four executives -- Sameer Lumba, its head of equity sales; Rohit Shah, its head of sales and trading; Rajiv Gala and Manish Dabir -- were joining the institutional equities arm of JM Financial


Read more at Reuters.com Business News

U.S. Stocks Rebound After Economy Grows More Than Forecast; Banks Advance

(Bloomberg) -- U.S. stocks rebounded from the
biggest declines since February and bank shares climbed from a
10-month low after a government report showed the economy grew
at the fastest pace in more than a year last quarter.

Citigroup Inc., Bank of America Corp. and JPMorgan Chase &
Co., the largest U.S. banks, advanced. Chevron Corp., the
second-biggest U.S. oil company, gained after it said earnings
rose as profit margins improved on gasoline and other fuels.
Ford Motor Co. advanced on an upgrade by Merrill Lynch & Co.
after the second-biggest U.S. automaker reported its first
profit in eight quarters.


Read more at Bloomberg Stocks News

American Express quarterly earnings rise

(Reuters) - Credit card issuers including JPMorgan Chase & Co.
and Capital One Financial Corp. last week reported
rising write-offs of bad credit card loans for the second
quarter compared to the same quarter last year, but credit
losses are still at or below historical norms.




Analysts' average estimate of income before one-time items
was 86 cents a share, according to Reuters Estimates. It was
not immediately clear if those results were comparable to
American Express' net income figure.


Read more at Reuters.com Market News

European Bonds Fall as Rebound in Stocks Eases Appetite for Safest Assets

(Bloomberg) -- European government bonds fell,
pushing 10-year yields up from near a two-month low, as a
recovery in stocks reduced demand for the safest assets.

Bunds reversed gains as the risk of holding corporate debt
dropped from earlier in the day, according to credit default
swaps traded on JPMorgan Chase & Co.'s iTraxx index. ECB Vice
President Lucas Papademos said today he expects economic growth
in the euro region to stay ``robust'' in coming quarters, stoking
speculation interest rates have further to rise.


Read more at Bloomberg Bonds News

Manchester United Postpones Refinancing, Shelves Bonds Backed by Tickets

(Bloomberg) -- Manchester United Plc, the world's
fourth-largest soccer club by revenue, postponed plans to
refinance 660 million pounds ($1.4 billion) of debt as U.S.
subprime mortgage losses roil credit markets.

The English Premier League champions, owned by U.S.
billionaire Malcolm Glazer, called off preliminary talks with
JPMorgan Chase & Co. to refinance debt, according to a person
familiar with the transaction, who declined to be named because
the discussions are private. It also shelved discussions with
Royal Bank of Scotland Group Plc and Deutsche Bank AG to sell
bonds backed by ticket sales, the person said.


Read more at Bloomberg Bonds News

Japan Bonds Gain on Speculation Investors Sought Safety of Government Debt

(Bloomberg) -- Japan's bonds rose for a fifth day on
speculation a decline in emerging-market debt and equities will
prompt investors to seek the relative safety of government
securities.

The Japanese 10-year yield fell to the lowest in almost
three weeks as a drop in U.S. stocks extended to Asia. The yield
premium required to compensate buyers for the extra risk of
holding emerging-market debt compared with similar-maturity U.S.
Treasuries climbed to the highest since March, according to
JPMorgan Chase & Co.'s EMBI Plus index.


Read more at Bloomberg Bonds News

Telenet Seeks 1 Billion-Euro Loan to Pay Shareholder Dividends, Refinance

(Bloomberg) -- Telenet Group Holding NV, Belgium's
biggest provider of broadband cable services, is seeking a 1
billion-euro ($1.4 billion) loan as part of its plan to replace
bonds and pay dividends, bankers arranging the deal said.

Telenet, based in Mechelen, Belgium, wants to refinance all
its bonds and return as much as 813.4 million euros to
shareholders, the company said earlier this month. Telenet hired
BNP Paribas SA, JPMorgan Chase & Co. and ABN Amro Holding NV to
arrange the financing, said the bankers, who declined to be
identified because the terms haven't been set.


Read more at Bloomberg Bonds News

UPDATE 1-JPMorgan's Dimon slams "equity bridge loans"

(Reuters) - NEW YORK, July 18 - JPMorgan Chase & Co.
Chairman James Dimon on Wednesday called the practice loaning
cash upfront on leveraged buyout deals a terrible idea.




Dimon, one of Wall Street's most influential bankers,
criticized so-called equity bridges during a conference call
with analysts and investors.


Read more at Reuters.com Mergers News

Corporate Bond Risk Rises in Europe, U.S. After Subprime Index Selloff

(Bloomberg) -- The risk of owning U.S. and European
corporate bonds rose today after indexes of securities linked to
U.S. subprime mortgages slumped to a record low, according to
traders of credit-default swaps.

Contracts based on 10 million euros ($13 million) of debt
included in the iTraxx Crossover Index of 50 European companies
jumped 18,500 euros to 286,000 euros at 1:52 p.m. in London,
according to JPMorgan Chase & Co. The CDX North America
Investment-Grade Index of 125 companies rose $1,750 to an offered
price of $45,750 at 8:50 a.m. in New York, Deutsche Bank AG
prices show. An increase in the indexes suggests deterioration in
the perception of credit quality.


Read more at Bloomberg Bonds News

Texas Agency to Borrow $1.9 Billion for a 20-Year Supply of Natural Gas

(Bloomberg) -- Texas Municipal Gas Acquisition &
Supply Corp. II will borrow $1.9 billion to finance a 20-year
supply of natural gas for municipal utilities in today's largest
U.S. offering of tax-exempt bonds.

The Houston-based special-purpose borrower will sell
floating-rate debt in a deal managed by JPMorgan Chase & Co.
South Carolina's Lexington Medical Center, the State University
of New York and two Boston-area colleges also plan to offer
almost $700 million of bonds as soon as today.


Read more at Bloomberg Bonds News