BNP Paribas
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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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Fundamentals are becoming more important again in Europe’s corporate bond primary market, but the power of the European Central Bank technical trade in the secondary market is quickly washing away new issue concessions.
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NorteGas, the Spanish gas distribution company, won strong demand from investors on Thursday, despite syndicate bankers worrying that the market was softening.
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Turkish bank Yapi Kredi launched a tier two dollar bond on Thursday, with demand strong enough for bookrunners to attempt to squeeze pricing. But this is an unorthodox start to the year for Turkish bonds with the traditional curtain raiser from the sovereign nowhere to be seen.
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Indonesia's Tower Bersama Infrastructure used its recent rating upgrade to entice investors to its $300m bond on Wednesday. Price discovery was not easy but the telecommunication tower provider’s improving business profile appealed to the market.
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SK Hynix was overwhelmed with investor demand for its triple-tranche dollar deal on Wednesday. It raised $2.5bn, but non-stop demand drove the bonds nearly 20bp tighter in the secondary market on Thursday.
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The high grade corporate bond market was again packed with deals on Wednesday, with syndicate bankers expecting no let-up in activity and the week to end on a bang.
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The prickly start to the year continued in Europe’s corporate bond market on Wednesday, as hybrid issues for Spanish toll road firm Abertis Infraestructuras and German oil and gas firm Wintershall Dea received opposite reactions from investors.
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World Bank hired banks on Tuesday to lead a new 40 year euro sustainable development bond — the supranational’ s longest ever benchmark in the currency. The deal will be the latest example of public sector borrowers venturing longer in the euro market this year.
