JP Morgan is leading both a £650m (€1.1bn) flotation and a $2bn (€2.3bn) debt facility for Xstrata plc, a new mining company, in another indication of banks with large balance sheets and lending abilities winning capital markets and advisory mandates.

Xstrata plc is being formed from the merger of Xstrata AG, a Swiss based natural resources group, and its $2.5bn purchase of Enex Resources and Duiker, the Australian and South African coal mining businesses of Glencore, a Swiss rival.