Banks

BMW this week became the first corporate issue to issue a floating rate note using Sonia as its benchmark.

Investors threw themselves behind a short-dated floating rate note from Société Générale on Thursday, shrugging off the bleak outlook for European interest rates. The strength of demand allowed the French bank to raise €1.75bn.

Following what a banker on Wednesday's euro bond called the ‘richest syndication of all time’, the Republic of Finland is looking at a possible return to the dollar market.

Deutsche Pfandbriefbank was marketing a five year senior preferred bond in the euro market on Thursday. The deal was launched at a spread unmoved from price thoughts, with order books only €125m larger than the deal size.

Subway operator Tianjin Rail Transit Group has raised a €200m Schuldschein loan, becoming the first Chinese company to tap this market. Bankers believe similar deals will follow, given the market’s appeal.

PSA International, the Temasek Holdings-owned port operator, seized $500m from its return to the dollar bond market after a three year hiatus. It priced the 10 year deal right around fair value, thanks to its opportunistic timing and strong credentials.

Korean Air Lines Co returned to the policy bank-guarantee structure for its latest offshore bond this week, raising $300m at a favourable price.

Credit Suisse has merged its loan and bond syndicate teams into one unit, and named the new heads of its Asia Pacific financing group (AFG).

Switzerland-based UBS Group has priced its second Singapore dollar-denominated Basel III-compliant additional tier one (AT1) bond in just nine months, taking advantage of a rally in its deal from last November.

BBVA’s Mexican arm will look to sell Basel III-compliant tier two debt to fund a buy-back of old style subordinated bonds after launching a tender offer on Wednesday.

The hail of issuance in European corporate bonds continued at full pelt on Wednesday as Orange and National Grid joined the fray with multi-tranche deals. Investors and issuers seem equally eager to do business.

Finnish nuclear power company Teollisuuden Voima (TVO) got a warm reception from the investors on Wednesday, when it sold €550m of senior unsecured notes after a 20bp tightening from initial price thoughts.