BNP Paribas
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France set a new order book record with its new 50 year syndicated bond on Tuesday. Two other public sector borrowers joined the sovereign at the long of the euro curve. -
The UK Debt Management Office launched a new 25 year line on Tuesday, raising £6.5bn. The DMO also published the minutes of its call with investors and Gilt-edged Market Makers on Monday, revealing strong appetite for inflation-linked products.
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Total, the French oil and gas company, placed a chunky €3bn hybrid trade on Monday, as the spread between corporate senior and subordinated debt widens after months of tightening.
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Spreads have moved away from their tightest levels, but issuers do not seem put off. France will extend the flood of long end deals with its first 50 year OAT syndication in almost five years on Tuesday.
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Banque Fédérative du Crédit Mutuel (BFCM) paid up to attract investors to its new preferred senior sterling deal on Monday. Although it was unable to match the quantity of demand set by a BNP Paribas non-preferred deal earlier this month, sources close to the deal were pleased with the quality of investors involved.
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BOC Aviation followed Singapore Airlines into the bond market this week, bagging $400m amid a boost in sentiment around the travel industry.
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The frenetic pace of dollar bond issuance from Greater China continued on Thursday as three property companies and two government linked names courted investors.
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The dollar corporate bond market has a more subdued feel this week, after its stellar start to the year, as US issuers are moving into earnings blackouts. But even as politics took centre stage as Congress moved to impeach President Donald Trump for the second time, ahead of Joe Biden’s inauguration on January 20, corporate borrowers quietly churned out deals.
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Tight valuations in euros are making it difficult for banks to impress investors with new senior trades. Issuers may have to pay up or switch focus to other asset classes to make the most of the January market.
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