BNP Paribas
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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. -
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.
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Chanel, the French luxury brand, made its debut in the sustainability-linked bond market on Thursday, but the deal found a lacklustre response from investors as question marks hang over demand for high end discretionary spending.
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The Kingdom of Morocco, an infrequent emerging market issuer that some investors have been watching for, launched a euro bond on Thursday, its second in two years.
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Avinor, the Norwegian airport and air navigation services operator, has hired banks for a €500m no-grow bond issue, in the latest test of investor appetite for the heavily battered aviation sector.
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Iccrea Banca told the euro bond market on Wednesday that it was not looking to issue its debut senior deal until next week, giving investors more time to prepare for the transaction.
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The Asian Infrastructure Investment Bank and the New Development Bank made a big splash in the dollar market on Tuesday, despite facing worse volatility than expected as fears over the coronavirus pandemic grew.
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Chanel, the French luxury brand, is meeting investors over the next two days to market a sustainability-linked bond, the first from its sector and from an unrated company. The deal comes as the European Central Bank has changed a policy that had slowed the market's development.
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Financial institutions are waiting to see whether investors will step back into the credit market before attempting to bring new deals forward this week.
