BNP Paribas

Alexander Karolev, head of CEEMEA bond syndicate at BNP Paribas, has left to take up the recently vacated head of CEEMEA debt capital markets syndicate position at JP Morgan.

Europe’s high grade corporate bond market has started the week on the front foot, with a mixture of deal types for investors to snap up including a rare chance to grab yield on a green bond.

Daimler will issue its first green bond soon, becoming one of only a very few issuers in the automotive sector. It will hold intensive discussions with 40 or 50 investors on Monday and Tuesday and the deal may follow, sooner or later after that.

BP, the UK oil company, completed the biggest ever hybrid bond sale this week with a $12bn-equivalent debut issuance across multiple currencies, leading to rising expectations that other oil majors without hybrid debt will be entering the market too.

Hong Kong power generator Castle Peak Power Co took the nascent transition bond market a step further this week, selling a $350m deal that showed the potential for the sector. Morgan Davis reports.

Chinese chemical company China National Bluestar (Group) Co raised $500m from a subordinated perpetual bond on Wednesday.

It was another scorching day in Europe’s high grade market on Wednesday following further central bank-created exuberance, as investors piled more than €55bn of orders into deals from across the spectrum of ratings and sectors.

BNP Paribas has appointed Christina Cho and Anne van Riel to lead its sustainable finance capital markets business in the Americas.

Sovereign, supranational and agency bond issuers are mobilising their resources to support the fight against Covid-19. The below table details the bonds they have issued, specifically in response to the coronavirus pandemic.

The Republic of Indonesia rolled out its annual Islamic finance transaction on Tuesday, taking $2.5bn from a three-tranche sukuk. The sheer strength of investor interest surprised the bankers on the bond, leading to a hefty 70bp tightening and a deal that offered negative new issue premium.

BP, the UK oil major, has announced its debut hybrid trade with a multi-tranche triple currency deal mandate. The borrower was looking to steady its credit ratings a day after warning that it was going to write-off up to $17.5bn of assets.

Europe’s corporate bond market burst into life on Tuesday with more than 10 primary deals on screens, as the US Federal Reserve’s plans to buy individual bonds brushed aside fears of a resurgence of Covid-19.