BNP Paribas
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Charoen Pokphand Group has launched a $7.15bn-equivalent loan into general syndication after attracting five banks at the senior level. -
Zhenro Properties Group has ended the long absence of Chinese property companies from the dollar bond market, raising $200m from a transaction that was more than 10 times oversubscribed at its peak.
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Genius Auto Finance sealed a Rmb4bn ($563m) three tranche auto loan ABS on Thursday, piercing through a razor-thin 2% coupon level for the senior tranches.
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Some of Europe’s largest banks have taken large chunks of syndicated loan market share in EMEA this year, as the pandemic has prompted some institutions to flex their muscles and others to retreat.
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The UK Debt Management Office launched its first bond syndication of the new financial year on Tuesday, smashing all previous records for deal and order book size and making a healthy start on its largest ever borrowing programme in response to the coronavirus pandemic. Despite the huge size, the deal caused “barely a ripple”, thanks to the support of the Bank of England’s asset purchase facility.
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Public sector borrowers piled into dollars across the curve this week, with every issuer finding plenty of demand. But it was trades from Finland and Cades which stood out with aggressive price tightening and chunky order books as they made their long-awaited returns to the currency.
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The coronavirus pandemic will test the complex relationship between bank loans and the fabled ancillary business supposed to make it all worthwhile. Some banks have provided heaps of extra cash for European clients to keep them alive and it has changed the shape of the loan market, with some banks ramping up market share. But will companies return the love when the time comes?
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Europe’s high grade corporate bond market offered investors an assortment of trades this week, with some defensive issuers managing to print inside fair value, while some of the more esoteric picks had to pay up.
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While the US high yield market has delivered a deluge of secured rescue bonds to bail out airlines, cruise lines, car rental firms, hotels and other "zero revenue" virus casualties, European high yield has stayed sedate, cautious, and stuck to the safest sectors. Can the European bond market rise to rescue financing?
