BNP Paribas

Société du Grand Paris plans to steam ahead with funding as it announced a doubling of its green EMTN programme and a substantial increase to its 2020 funding programme to help prefund the financing for the next three years of the Grand Paris Express project.

Argenta Spaarbank attracted attention from investors with a 15bp new issue premium on Tuesday, allowing it to raise €500m of non-preferred senior debt for the minimum requirements for own funds and eligible liabilities (MREL).

Rolls-Royce started marketing the bond leg of a multi-product recapitalisation and refinancing package on Monday, preparing an offering of more than £1bn-equivalent across three currencies.

State-owned Kuwait Petroleum Company has raised a syndicated loan from local lenders worth $3.27bn equivalent. The deal is one of the few major financings to take place in the Middle East during the coronavirus pandemic, and comes at a time when Kuwait faces critical economic challenges.

International SOS, a Singapore-based emergency medical assistance provider, is making its debut in the syndicated loan market for $320m.

Risk appetite has returned to the high grade corporate bond market, with UK airport Heathrow and US drinks firm PepsiCo managing to move spreads by around 45bp during execution.

German railway wagon lessor VTG has sold €550m of private placements to institutional investors in Europe and the US, according to market sources. More and more, US PPs are being marketed to traditional Euro PP investors.

The European Financial Stability Facility mandated banks on Monday to lead a euro dual tranche transaction in what could be the issuer’s first and final outing of the fourth quarter.

A trio of firsts are coming to the high grade corporate bond market this week, with a debut hybrid from Italian oil and gas firm Eni, a green first for French chemicals company Arkema and a postponed entry to the Eurobond market for Danish pharmaceutical firm Lundbeck.

Argenta Spaarbank announced plans for a new non-preferred senior deal on Monday, as it looks to take advantage of the supportive tone set by other rare borrowers last week.

Debt capital markets bankers say that smaller pricing steps are possible when selling deals on a yield basis, after bookrunners made a 7.5bp move with National Bank of Greece’s green deal this week.

A record month for US mergers and acquisitions will fail to boost the dollar corporate bond market, as bankers predict a sharp slowdown in activity in the fourth quarter.