BNP Paribas
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Whitbread, the UK hospitality group, has mandated banks for a debut green trade, setting up a pricing battle between a red hot bond structure and a Covid-19 battered sector. -
The euro public sector bond market has got off to a busy start to February. Three eurozone sovereigns have announced syndicated issues, while the European Financial Stability Facility made a €2bn intraday tap on Monday to round off its first quarter funding target.
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Intermediate Capital Group, the UK alternative asset manager, has signed a £500m revolving credit facility based on Libor, but with provisions to change to risk-free rates when the old benchmark falls out of use.
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Europe’s convertible bond market has got off to a relatively slow start to the year, with €1.6bn of issuance in January, according to Dealogic data. However, the asset class remains popular with investors looking to gain equity upside but mitigate against valuation risk.
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Ukraine is facing delays in securing funding disbursements from the IMF, as questions around the authenticity of its anti-corruption drive cloud discussions between the country and the Fund. That may push Ukraine to tap the bond markets again, which last year welcomed it a number of times.
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CMB Financial Leasing Co had to navigate hurdles around structure, timing and pricing for its dual-tranche bond outing this week, managing to bag $800m from a $2.7bn order book.
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Bank of China Hong Kong has sold the first Yulan bond, a new asset class that was only launched in December, raising $500m from the market. But the deal saw limited interest as investors come to grips with the product.
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In a rare sign that environmental campaigners are having an impact on the financial industry, the burden of financing the Ecuadorian Amazon oil trade has shifted between banks in the past six months. But it is clear the banking industry is supporting the trade in more ways than have yet been uncovered.
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Cathay Pacific Airways has sold the largest convertible bond by a Hong Kong issuer in over a decade, raising HK$6.74bn ($869.4m).
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Casino operator Genting New York priced a $525m bond on Wednesday.
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