BNP Paribas
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Borrowers packed deals into the US corporate bond market this week before the Easter holiday weekend. Among them, BMW enjoyed a strong order book for its first dollar issue for a year. -
A seemingly endless supply of real estate companies coming to the high grade bond market continued this week, with Deutsche Wohnen and debut deals from Canary Wharf and VGP giving investors another chance to load up on the sector.
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The European Investment Bank and Dexia Credit Local were the only two public sector borrowers to sell deals in the primary market this week as issuance wound down ahead of the Easter break.
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VGP, the Belgian logistics real estate company, has made its debut in the bond markets with green trade that found chunky demand. The deal was the second debut benchmark from a European real estate credit in as many days.
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The European Investment Bank took advantage of a quiet primary SSA bond market and rejuvenated purchases from the European Central Bank to tap its longest outstanding Climate Awareness Bond on Tuesday.
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French insurer Axa issued its inaugural green tier two bond on Wednesday and attracted a peak order book of more than €3.4bn for the €1bn deal.
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Macquarie Bank paused its sterling return on Wednesday morning, the day after it announced the deal.
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Gulf corporates Ooredoo, Nogaholding and Arabian Centres sprung into the bond market this week, defying revived market volatility to raise dollar funding. The string of corporate issuance follows a similar streak from the region’s FIG issuers last week.
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London’s Heathrow Airport flew into the investment grade bond markets again on Tuesday, while its rival Gatwick Airport was marketing a high yield issue.
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Canary Wharf made its debut in the bond markets in its present form on Tuesday, with a green triple tranche bond in euros and sterling that found plenty of demand, despite the rocky future for office space.
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Macquarie is preparing to syndicate the first sterling deal from an Aussie borrower in almost three years, having mandated banks to arrange a new operating company level benchmark.
