BNP Paribas

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.

China Gezhouba Group Co raised $200m from a subordinated perpetual bond on Wednesday.

Central China Real Estate paid up for its $300m return to the bond market on Tuesday, navigating weaker investor sentiment to get its deal over the finish line.

As investors sought gold and silver as a hedge against inflation and uncertainty, investment banks with the capabilities to act in these markets benefitted. Some made more than $100m in precious metals in the third quarter, according to Coalition Greenwich.

Abertis Infraestructuras, the Spanish toll road company, got blowout demand for its hybrid capital issue on Tuesday, as appetite for riskier debt returned to the corporate bond market.

A pair of smaller names were tempted into the euro market on Tuesday, after Monday’s news that scientists have developed another successful vaccine for Covid-19 led to a further improvement of market conditions.

Gategroup, the Swiss airline hospitality company, has negotiated with lenders to extend the maturity on its syndicated loan facilities as part of a major debt restructuring for the Covid-battered firm.

A flurry of Gulf issuers was on track on Tuesday to securing last minute bond funding, as investor appetite appeared insatiable for emerging market debt amid a rally that may well be curtailed by the impending US Thanksgiving holiday.