BNP Paribas
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Adidas showed that the sustainability bond market has further to run on Tuesday, when the German sportswear company launched its debut trade in the format inside fair value. -
Svenska Handelsbanken found tight pricing for a dual offering of additional tier one (AT1) notes on Tuesday. It became the first European bank to set a dollar AT1 coupon of less than 4.5% for one of its tranches.
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Schott, the German glass company, has refinanced a five year revolving credit facility with a three year deal, amid a push from lenders to reduce the maturity of their loan portfolios.
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French semiconductor maker Soitec has returned to the equity-linked debt market with a new €325m five year convertible bond, after a rally in its share price since March.
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Adidas, the German sportswear company, has mandated for a €500m no-grow debut sustainability bond, its third issue since it obtained credit ratings over the summer.
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Volvo Car, the Swedish manufacturer owned by China’s Geely Holding, sold a debut green bond this week, days after saying its freshly published green finance framework would help it transform into an electric car maker.
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The Kingdom of Morocco raised a €1bn bond on Thursday, which was priced wider than some analysts' fair value estimates. Market conditions, bankers said, are deteriorating ahead of expected volatility in coming months.
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Bank of America and Toronto Dominion tapped into investor demand for bonds linked to environmental, societal and governance (ESG) projects this week.
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Turbulent conditions forced several banks to delay bond issuance plans this week, and one even pulled a transaction after launch. Deal flow is likely to pick up again soon, but the cost of funding is certain to be higher, writes Tyler Davies.
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The Asian Infrastructure Investment Bank and the New Development Bank, two relatively new supranational borrowers with a focus on the emerging markets, made a big splash in dollars this week as they continue to build out their curves. The issuers managed to achieve strong results despite facing worse volatility than expected as markets soured amid rising fears over the coronavirus pandemic.
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Avinor, the Norwegian airport and air navigation services company, found enough demand to cover its €500m no-grow trade by six times on Thursday, with the company's 100% state ownership winning over investors.
