BNP Paribas
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Thai Oil Public Co managed to raise $1bn from a dual-tranche bond by the ‘skin of its teeth’ on Thursday, tightening price guidance twice during bookbuilding to find the right groups of investors. -
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Europe's corporate bond investors are clamouring for issuers to print higher risk bonds with borrowers proving happy to oblige, as money pumped into the market by the European Central Bank crushes spreads on top-rated, short and medium-dated debt ever tighter, and despite a clear display of pessimism from the US Federal Reserve on Wednesday. Mike Turner reports.
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Weaker trading conditions have done little to shake expectations for a new wave of additional tier one (AT1) supply, writes Tyler Davies, with three banks having reopened the market in emphatic fashion this week, issuing €3.1bn-equivalent of debt into more than €20bn of demand.
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Conditions in the financial institutions bond market worsened this week but plenty of senior and subordinated bonds still got away. With credit spreads unpredictable, the supply outlook remains favourable, said bankers.
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BNP Paribas has provided €40bn of loans to corporate clients in the eye of the Covid-19 storm, amid claims that rivals are retrenching. David Rothnie asks if balance sheet support will result in bigger corporate finance fees.
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Chinese property companies continued to pile in to the dollar bond market on Wednesday, with Radiance Group Co and Powerlong Real Estate Holdings using up their remaining fundraising quotas.
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Sweden’s EQT, the private equity company, has signed the largest ever ESG-linked subscription credit facility, raising hopes that the structure could become more common among PE firms.
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Snam, the Italian gas network company, issued a €500m transition bond on Wednesday, which was three times oversubscribed and priced through its curve, suggesting that this controversial instrument is of interest to many investors.
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Two sovereigns pulled off successful deals on Wednesday, adding to the pile of syndicated European government bond issuance this week.
