BNP Paribas
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Virgin Money UK tested the strength of the sterling market this week by looking to raise tier two debt. The UK lender was able to tighten pricing by 50bp and print inside fair value, and the new trade accompanied a tender offer of the issuer’s old securities. -
Saudi Basic Industries Corporation (Sabic) is seeking to raise a dual tranche offering this week. The deal is the latest in a flurry of trades from Gulf issuers seeking to take advantage of attractive market conditions amid low oil prices and increasing Covid-19 related costs.
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Royal Schiphol, the Dutch airport, brought a dual tranche conventional and green trade with a small to flat new issue premium on Tuesday, as even issuers in sectors worst hit by the pandemic show it’s possible to garner more investor interest by linking their debt to environmentally conscious uses.
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Corporate bond investors had another chance to pick up some spread on Tuesday after August had closed with a flurry of hybrids, with crossover trades from French nuclear power company Orano and Italian electricity company Enel.
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Indofood CBP Sukses Makmur, an Indonesian instant noodle maker, has launched a $2.05bn-equivalent acquisition loan into syndication. The rare appearance of a strong credit in the market this year means banks appear eager to join the deal, writes Pan Yue.
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A $600m loan to support Baring Private Equity Asia’s take-private of Indian software firm Hexaware Technologies has been launched into general syndication, with three banks joining at the top level.
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The offices of London’s top banks are unlikely to fill up in the coming weeks, as firms are adopting a gradualistic approach to returning staff to their pre-pandemic workplaces.
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Companies piled into the bond market with hybrid capital issues this week to raise €4.95bn between them, as syndicate bankers say that they are encouraging as many borrowers as possible to consider pushing out higher risk trades before raising senior debt.
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Crédit Agricole’s Swiss subsidiary sold its first structured covered bond in Swiss francs on Wednesday. The bond was issued under a new programme that differentiates it from covered bonds issued by its parent bank under French law in the Swiss market.
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Supply and demand for senior financial institution bonds was lukewarm this week, as issuers and investors favoured higher yielding products amid healthy market conditions. FIG deal arrangers are predicting that the trend is set to continue and that issuers will favour capital trades.
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