BNP Paribas

Nederlandse Waterschapsbank and Kommuninvest will both take to the dollar market this week, sneaking in ahead of the Thanksgiving holidays.

The Ivory Coast has sparked life into what has been a bleak year for sub-Saharan African bond issuance. Most sovereigns have turned to the official sector to support them throughout the coronavirus crisis as a result of being priced out of the international debt capital markets, bankers said.

Sweden’s EQT, the private equity company, has followed up on its summer signing of the biggest ever ESG-linked subscription facility with a second deal of the same maximum size. Lenders say this is further proof that ESG is becoming more important to private equity.

Vietnam’s Masan Group Corp has signed a $200m loan with four banks to support a capital injection into a subsidiary.

French companies Schneider Electric and LafargeHolcim pushed the fledgling sustainability-linked bond asset class to new levels this week, helping quell vocal concerns from some investors that having an unspecified use of proceeds means the structure has no place in ESG portfolios, write Mike Turner and Aidan Gregory.

Belgian insurer Ageas sold its first deal in almost a year this week, with the spread on offer helping to drive demand to more than three times covered.

UK aerospace company Rolls-Royce managed a smooth landing for its mid-pandemic equity raise despite turbulence within its inner circle of advisers. It was a triumph for strong management, writes David Rothnie.

Erste Group Bank and Société Générale both capitalised on the euro market’s extremely favourable conditions this week, pricing new subordinated deals in line with fair value or even through it.

Thales, the French aerospace and defence company, offered Europe’s high grade bond investors something towards the top of the rating scale on Thursday, while lower rated sub-benchmark sized debt from Finland’s Metso Outotec offered buyers the chance for a bit more spread.

Engie, the French electricity and gas company, and UK transport firm National Express enjoyed bumper demand for hybrid capital issues on Thursday, as some market participants argued the coronavirus pandemic had changed the way hybrids are seen by issuers.

Capital & Counties Properties, the London landlord that owns large amounts of Covent Garden, is strengthening its liquidity position by issuing a £250m bond exchangeable into shares of Shaftesbury.

Audax Renovables, the Spanish renewable electricity producer, has become the latest European issuer to issue a green convertible bond, raising €125m.