BNP Paribas

UK airline EasyJet has raised £418m of fresh capital to bolster its balance sheet after reporting a significant half year loss because of the impact of the Covid-19 global pandemic on its business.

Coöperatieve Rabobank launched a 10 year covered bond at a spread of 7bp over mid-swaps this week, leaving a small new issue concession for investors. The deal also underlined the recent recovery of credit spreads amid the coronavirus pandemic.

Worldline, the French payments company, received a warm reception from bond investors on Tuesday, putting aside any concerns that the scandal at German competitor Wirecard would sully sentiment towards the sector.

CNP Assurances and Helvetia Europe have added to issuance momentum in the insurance sector, giving investors the chance to put money into subordinated capital. The tier two bonds showed that ‘the market is back in shape’, said one deal arranger.

Veolia Environnement, a French water, waste and energy management company, raised Rmb1.5bn ($212m) from a three year private placement Panda bond on Monday, pricing the deal inside of expectations.

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.