BNP Paribas
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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. -
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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Municipality Finance will be holding a series of investor calls next week as it looks to issue its inaugural social bond following the publication of a framework earlier this year.
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FIG bankers say that market conditions are ripe for capital deals, but that issuers are starting to run out of room for more subordinated debt.
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Aveva, the UK software company, is buying US industrial software firm OSIsoft for an enterprise value of $5bn, with billions of dollars in bridge financing in place as the acquisitive company prepares a chunky equity raise.
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The State of North Rhine-Westphalia and Nederlandse Waterschapsbank rebooted the long of the euro SSA curve on Wednesday with well subscribed deals and minimal new issue premiums.
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US insurance company Athene Holding this week sold its second funding agreement-backed security (Fabs) in euros, just a couple of months after making its debut in the currency.
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Activity in the financial institutions bond market has picked up this week after a long pause in euro supply. Danske Bank and Belfius Bank were among the names looking to capitalise on the improving market conditions on Wednesday.
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Investors piled into European corporate hybrids again on Tuesday, with Belgian chemical firm Solvay and Austrian oil company OMV out with well received trades.
