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

Corporate Bond Risk Declines by Record In Europe, Halting Three-Day Rout

(Bloomberg) -- The risk of owning European
corporate bonds dropped by a record today, halting a three-day
credit market rout.

Credit-default swaps on 10 million euros ($13.8 million) of
debt included in the iTraxx Crossover Series 7 Index of 50
European companies tumbled as much as 60,000 euros to 402,000
euros, according to JPMorgan Chase & Co.


Read more at Bloomberg Bonds News

Lilly beats forecasts, raises '07 view

(Reuters) - Lilly posted strong revenue gains from Cymbalta and Zyprexa for schizophrenia, which rose 67 percent and 9 percent, respectively, and helped the company beat revenue expectations by about $250 million.




"Together these two products accounted for almost two thirds of the revenue beat," JPMorgan analyst Roberto Cuca wrote in a research note. "This should boost sentiment among those investors who had been concerned about the health of Lilly's franchise."


Read more at Reuters.com Market News

Baoshan, Angang Shares Surge After Brokerages Raise Steel-Price Forecasts

(Bloomberg) -- Chinese steel shares, including
Baoshan Iron & Steel Co. and Angang Steel Co., rose for a third
day after brokerages including JPMorgan Chase & Co. raised
forecasts for steel prices.

Shares of Baoshan Iron & Steel, China's largest steelmaker,
rose as much as 5.2 percent to 12.70 yuan, the highest since May
29, and traded at 12.61 at 10:38 a.m. in Shanghai. Angang Steel
surged as much as 19 percent to HK$21.70 in Hong Kong. Its yuan-
denominated shares rose as much as 9.4 percent to 21.38 yuan in
Shenzhen.


Read more at Bloomberg Commodities News

KKR, Homeowners Face Funding Drain as CDO Money-Making Machine Shuts Down

(Bloomberg) -- The Wall Street money-machine known
as collateralized debt obligations is grinding to a halt,
imperiling $8.6 billion in annual underwriting fees and reducing
credit for everyone from buyout king Henry Kravis to homeowners.

Sales of the securities -- used to pool bonds, loans and
their derivatives into new debt -- dwindled to $3.7 billion in
the U.S. this month from $42 billion in June, analysts at New
York-based JPMorgan Chase & Co. said yesterday. The market is
``virtually shut,'' the bank said in a July 13 report.


Read more at Bloomberg Bonds News

Sell Macquarie Bank Credit-Default Swaps on Earnings, JPMorgan Chase Says

(Bloomberg) -- Investors should sell credit-default
swaps based on bonds of Macquarie Bank Ltd., Australia's largest
securities firm, as increased market volatility is unlikely to
hurt its earnings, according to JPMorgan Chase & Co.

Credit-default swaps based on $10 million of Macquarie's
subordinated debt have risen more than $24,000 in the last three
months to $42,000 today, the highest since Bloomberg started
recording prices in Jan. 2004. The five-year contracts allow
traders to bet on a company's ability to repay its debt. Higher
prices suggest deterioration in the perception of credit quality;
a decrease indicates the opposite.


Read more at Bloomberg Bonds News

Goldman, JPMorgan Get Stuck With LBO Debt They Can't Offload to Investors

(Bloomberg) -- Goldman Sachs Group Inc., JPMorgan
Chase & Co. and the rest of Wall Street are stuck with at least
$11 billion of loans and bonds they can't readily sell.

The banks have had to dig into their own pockets to finance
parts of at least five leveraged buyouts over the past month
because of the worst bear market in high-yield debt in more than
two years, data compiled by Bloomberg show.


Read more at Bloomberg Bonds News

Texas Gas Agency Leads $9 Billion of U.S. Municipal Bond Sales This Week

(Bloomberg) -- U.S. state and local governments
plan to sell $9 billion of bonds this week, led by a Texas
agency raising money to buy natural gas.

Municipal Gas Acquisition and Supply Corp. plans the
largest offering of municipal bonds this week, a $1.9 billion
sale by JPMorgan Chase & Co. that will be used to purchase gas
for utilities. The sale comes as demand for bonds has been
stoked by a rise in yields over the last two months.


Read more at Bloomberg Bonds News

Corporate Bond Risk Rises in Europe, Credit-Default Swaps Index Shows

(Bloomberg) -- The risk of owning European
corporate bonds rose, according to traders of credit-default
swaps.

Contracts based on 10 million euros ($13 million) of debt
included in the iTraxx Crossover Series 7 Index of 50 European
companies increased 4,000 euros to 250,500 euros at 8:06 a.m. in
London, according to JPMorgan Chase & Co.


Read more at Bloomberg Bonds News

Altadis, Ladbrokes, Alliance Boots: European Credit-Default Swap Movers

(Bloomberg) -- The risk of owning European corporate
bonds rose, according to traders of credit-default swaps.

Contracts based on 10 million euros ($13 million) of debt
included in the iTraxx Crossover Series 7 Index increased 3,000
euros to 234,500 euros at 11:55 a.m. in London, according to
JPMorgan Chase & Co.


Read more at Bloomberg Bonds News

Kia Motors Delays Sale of $500 Million of Bonds, Cites `Market Volatility'

(Bloomberg) -- Kia Motors Corp., South Korea's
second-largest automaker, shelved a planned dollar-denominated
bond sale, citing volatility in global debt markets, according to
an e-mail sent to investors.

The Seoul-based company had sought to sell at least $500
million of five-year bonds, according to an e-mail last week. It
hired Credit Suisse Group, JPMorgan Chase & Co., Korea
Development Bank and UBS AG to manage the sale.


Read more at Bloomberg Bonds News

Iberdrola Aims to Raise $4.7 Billion in Share Sale to Pay for Energy East

(Bloomberg) -- Iberdrola SA, the world's largest owner
of wind-power parks, plans to raise about 3.5 billion euros ($4.7
billion) in a share sale to pay for U.S. utility Energy East Corp.

The Spanish utility will begin selling 85 million new shares
today through a so-called accelerated offering, the Bilbao-based
power producer said today in an e-mailed statement. ABN Amro
Rothschild, Credit Suisse Group and JPMorgan Chase & Co. are
managing the offering, which is aimed at fund managers.


Read more at Bloomberg Energy News

Emerging-Market Bonds Little Changed, at Seven-Week High For Risk Premium

(Bloomberg) -- Emerging-market bonds were little
changed, with yields over U.S. Treasuries holding at a seven-
week high, as concerns about losses linked to subprime mortgages
limit demand for riskier assets.

The average spread, or extra yield, over U.S. Treasuries on
emerging-market bonds was 1.66 percentage points, the highest
since May 7, according JPMorgan Chase & Co.'s EMBI Plus index.
The spread increased 7 basis points, or 0.07 percentage point,
yesterday, the most since April 30.


Read more at Bloomberg Emerging Markets News

Delta Air raises domestic fares $5 each way

(Reuters) - But this time could be different.




"Given the continued rise in jet kero prices, we ascribe a greater than usual probability of competitive matching," JPMorgan analyst Jamie Baker said in a note.


Read more at Reuters.com Business News

Bear Stearns May Assume $3.2 Billion of Loans to Hedge Fund, People Say

(Bloomberg) -- Bear Stearns Cos. may take over about
$3.2 billion of loans that banks and securities firms made to one
of its money-losing hedge funds to prevent creditors from seizing
more assets, according to people with knowledge of the plan.

Bear Stearns, the biggest broker to hedge funds, offered to
assume the loans after Merrill Lynch & Co. took assets that
backed $850 million in credit lines, said the people, who
declined to be named because the proposal is confidential. Lehman
Brothers Holdings Inc. and JPMorgan Chase & Co. also put some of
their collateral up for sale.


Read more at Bloomberg Currencies News

U.K. Pound Advances to Four-Month High Versus Euro on Speculation to Rise

(Bloomberg) -- The pound climbed to the highest in
almost four months against the euro on speculation investors will
keep increasing bets on higher interest rates in Europe's second-
largest economy.

The currency has risen almost 1 percent versus the euro this
week as minutes of the Bank of England's June policy meeting
yesterday showed Governor Mervyn King and three other policy
committee members backed higher borrowing costs. That prompted
HSBC Plc and JPMorgan Chase Co. to bring forward their forecasts
of the next interest-rate rise.


Read more at Bloomberg Currencies News

JPMorgan cancels Bear fund asset auction: source

(Reuters) - Merrill Lynch, JPMorgan Chase and others had put some of the Bear Stearns assets up for sale, but JPMorgan Chase has canceled its auction and is negotiating instead, the source said.







Read more at Reuters.com Bonds News

UPDATE 1-Bear CDO lists total at least $1.44 bln - sources

(Reuters) - The lists, circulated by JPMorgan Securities and Morgan
Stanley, include CDOs managed by Tricadia Capital, Strategos
Capital Management and Bear Stearns Asset Management.




Wall Street dealers are participating in sales of the
securities from the Bear Stearns hedge funds that endured
double-digit losses in April, based on subprime mortgage
market bets. Merrill Lynch & Co. has seized $800 million of
assets from the funds with plans to sell them today after a
failed recapitalization, sources familiar with the situation
said.


Read more at Reuters.com Bonds News

U.S. Stocks Rise as Bond Yields Slip; Citigroup, Textron Shares Advance

(Bloomberg) -- U.S. stocks rose after bond yields
fell for a third day, easing concern that higher borrowing costs
will restrain consumers and businesses.

Citigroup Inc., JPMorgan Chase & Co. and Bank of America
Corp. led a measure of financial shares higher. Textron Inc.,
the world's largest maker of corporate jets, pushed industrial
shares to the biggest gain in the Standard & Poor's 500 Index
after Goldman, Sachs & Co. advised clients to buy the shares.


Read more at Bloomberg Stocks News

Sinosteel signs accord with JPMorgan

(Reuters) - "Through strategic cooperation with JPMorgan Corp.
Sinosteel can further enhance its overall combined strength and
core competitive ability for a more active leading role in the
trade," a senior Sinosteel executive was quoted as saying.




Sinosteel would also tap JPMorgan's expertise in
international capital markets, acquisitions, and fund
management, according to the report.


Read more at Reuters.com Mergers News