BNP Paribas
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The State of North Rhine-Westphalia and Nederlandse Waterschapsbank will be the first two public sector borrowers to test investors’ appetite for euro deals in the long end of the curve following the summer break. -
The State of Baden-Wuerttemberg only managed to sell around half of its €1bn 10 year bond to investors on Tuesday as it came flat or slightly through its curve alongside competing supply in the tenor.
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Bank credit investors are showing they won’t be forced into buying every new euro deal after the summer break, as they appear content to wait for further supply.
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South Korea telecommunications operator KT Corp broke a three-year hiatus from the bond market on Monday to raise $400m.
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The European Investment Bank will re-open the euro public sector bond new issue market for the last funding period of the year. Further issuers are expected to appear this week, trying to get in before the European Union’s giant borrowing programme begins.
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The bank bond market burst back into life on Monday, with BNP Paribas and Commerzbank shedding light on favourable pricing conditions in euros following the summer break.
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Investors are still keen to buy bonds from Hong Kong corporations, with their interest reflected in the solid support for deals from Hongkong Electric Co and Nan Fung International Holdings on Thursday.
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US food and commodities firm Archer-Daniels-Midland Co has tapped the equity capital markets for the first time in more than a decade, using a concurrent block of Wilmar International shares and an exchangeable bond — with the same underlying stock — to raise $850m. Jonathan Breen reports.
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Casino developer Wynn Macau has made a rapid return to the bond market for an $850m deal, riding on an uplift in sentiment following the slow easing of travel restrictions to the Asian gambling hub.
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ICBC Financial Leasing Co chose price over size for its first outing to the dollar bond market this year, but still managed to raise a larger-than-expected $900m.
