BNP Paribas

Deal arrangers expect that next week will be the last real window for issuance in 2020, with investors set to close down activity from the middle of December.

Ford Automotive Finance (China), Dongfeng Nissan Auto Finance Co and domestic Chinese originator BYD Auto Finance Co competed head-to-head in the onshore auto loan asset backed securities market this week, but a strategy of targeting different investors helped bankers manage the competing supply, Addison Gong reports.

Two public sector borrowers hit the euro bond market on Wednesday, raising what might well be the final benchmark funding of 2020.

Investors pumped €11.65bn of orders into €1.6bn of green and sustainable corporate bonds on Wednesday when paper company Stora Enso, utility Fluvius and real estate firm Cofinimmo all built bulging order books.

Shopping mall operator Unibail-Rodamco-Westfield priced a €2bn dual tranche bond from €7.2bn of demand on Wednesday, after fixed income investors were left unfazed by its shareholders blocking a rights issue earlier this month.

Investors were delighted to add more exposure to Macquarie Group on Wednesday, after the Australian issuer returned to euros for its second senior deal of the year.

The allocation of Indonesian instant noodle maker Indofood CBP Sukses Makmur’s $2.05bn-equivalent acquisition loan has been finalised, after the lead banks closed the syndication earlier this month.

CNH Industrial, the US-Italian agricultural and construction machinery maker, cruised through the bond market on Tuesday, as bond bankers puzzled over whether the Thanksgiving holiday in the US on Thursday means this will be a short week for issuance.

CEEMEA sovereign borrowers extended their last minute funding spree this week with Romania joining Ivory Coast in the primary bond market.

Stora Enso, the Finnish paper company, and Belgian utility Fluvius mandated banks to lead green bonds of 10 years or more on Monday, combining two recent themes in corporate bonds — ESG issuance and longer maturities.

Carmila, the French shopping centre owner, rode the positive sentiment generated by news of another promising Covid-19 vaccine on Monday to launch a sub-benchmark bond. Bankers expect such opportunistic, small scale deals to dominate corporate issuance for the rest of the year.

The Republic of Serbia this week raised a dollar bond in its second offering of the year, in what has been an exceptionally busy year for central and eastern European sovereign issuers.