BNP Paribas

European issuers are set to return to the subordinated debt market this week, following the confirmation of Joe Biden’s victory in the US election on Saturday. First off is NatWest Group, which reopened the additional tier one (AT1) market on Monday with its first venture into sterling.

Three banks launched new senior deals in euros on Monday, taking advantage of a jubilant tone in the market following Joe Biden’s victory in the US presidential election. That sentiment received a further boost during the morning trading session when Pfizer and BioNTech revealed successful Covid-19 vaccine trials.

Vattenfall, the Swedish energy company, has swapped its €2bn bank line with a sustainability-linked facility, with the deal defining the borrower’s core banking group.

India’s JB Chemicals & Pharmaceuticals has wrapped up a $206m loan to support KKR’s acquisition of a majority stake in the company.

Waste Management was the first issuer to tap the dollar bond market after Tuesday's US presidential election, taking the plunge as vote counting continued and Joe Biden edged towards victory.

BNP Paribas reported strong third quarter results, helped, like other investment banks, by booming capital markets business as corporates sought to strengthen balance sheets and active issuance spurred higher than usual trading volumes.

Beijing Hyundai Auto Finance decided to try a revolving structure for its Rmb4bn ($597m) return to the asset-backed securitization market in China, getting an around two times subscribed book.

Indonesian instant noodle maker Indofood CBP Sukses Makmur has closed syndication of its $2.05bn-equivalent acquisition loan. The allocations are expected to be out in the next few weeks.

Rising coronavirus cases and circling uncertainty around the upcoming US election is driving the Swedish krona market towards higher rated, domestic names.

Shandong Iron & Steel Group Co was forced to pay 50bp more than it expected for a new $500m three year bond on Thursday, despite trying to appeal to investors with a positive spin on its future fundraising plans.

BNP Paribas has shaken up its advisory business to address underperformance in its home market, but this must be more than a quick fix to restore national pride, writes David Rothnie.

Daa, the Irish airport operator, and Akelius, the UK residential property company, snatched the chance to raise funds on Thursday, the most stable day for the bond market this week. But demand has been muted as jitters about lockdowns and next week’s US presidential election kept some investors on the sidelines.