Banks

Three SSA issuers brought dollar deals to market on Wednesday, hitting screens in a variety of formats and tenors, making the most of excellent conditions to pull off impressive deals. A fourth is lined up for Thursday.

BNP Paribas expects to buck the trend of malaise at European investment banks and grow its revenues this year, it said in its fourth quarter results on Wednesday.

KfW gathered strong demand for its bond issue on Wednesday — the third seven year euro deal from an SSA issuer this week — as investors saw relative value in it. The European Stability Mechanism is looking to follow with a similar tenor after sending banks a request for proposals for its first benchmark of the year.

LVMH Moet Hennessy Louis Vuitton, the French luxury goods group, and Comcast, the US telecommunications company, brought the European corporate bond market's two biggest multi-tranche issues of the year on Wednesday, each hitting sterling and euros, and blasting aside fears among some players of the economic impact of the coronavirus outbreak. LVMH raised a whopping €9.33bn, Comcast €4.6bn.

Santander Consumer Finance in Germany attracted excessive demand for its debut benchmark Pfandbrief which offered a considerable pick-up over swap rates. However, demand was more tentative for La Banque Postale’s 15 year, possibly due to renewed volatility in rates.

Canadian professional services firm WSP Global has signed a sustainability-linked syndicated loan, as the lending structure that allows a proxy green financing for revolving credit facilities pushes into new sectors.

Barclays surprised some market participants this week when it said that it would not be calling one of its legacy tier one securities at its first call date in March.

The Development Bank of Kazakhstan (DBK) released initial price guidance for a tenge-denominated five year bond on Wednesday morning in London.

Qatar National Bank has tightened price guidance for its second international bond of this year and books are already in excess of 3bn for the $1bn-maximum trade.

The Republic of Ghana printed a $3bn triple trancher on Tuesday from a book that was $14bn at launch, in a deal that included the longest ever bond from sub-Saharan Africa.

Chinese policy banks and corporations are planning to sell renminbi bonds onshore to battle the coronavirus outbreak, using the capital markets as a source of key funding during a challenging time for the financial industry.

The US Federal Reserve board has permanently banned Andrea Vella, formerly a senior executive at Goldman Sachs, from the banking industry for his role in the 1Malaysia Development (1MDB) scandal.