BNP Paribas

High grade bond investors had a plethora of trades to pick from on Wednesday, as corporate bankers say May is shaping up to be a breakneck month for issuance.

Shell, the Anglo-Dutch oil major, printed €2bn of bonds with a single digit new issue premium on Tuesday, becoming the latest euro issuer to hit the market twice in quick succession to exploit tightening secondary spreads.

Germany has picked the banks that will run its first syndicated transaction since 2015 and its first 15 year bond. The sovereign will likely make its market return on Wednesday. The trade forms part of Germany's updated strategy for its colossal funding programme financing the response to the Covid-19 pandemic.

Helaba and OP Corporate Bank each took a plunge into the preferred senior bond market on Tuesday, with spreads in the asset class having outperformed other bank funding products in recent weeks.

BNP Paribas blamed European authorities’ restrictions on 2019 dividend payments for losing it €184m in its equities business, when it released its first quarter results on Tuesday. However, in debt capital markets and fixed income, currencies and commodities (FICC) it was a more positive picture, as the bank took advantage of a surge in debt origination and electronic trading.

A bevy of high grade corporate bonds hit screens on Tuesday, as Europe’s syndicate bankers said that “no one cares” about the German Constitutional Court verdict throwing into question the Bundesbank's ability to take part in the eurozone's quantitative easing.

Central China New Life, a property management company, has launched marketing for its Hong Kong IPO as it aims to raise up to HK$2.16bn ($278.6m). The Mainland-based firm has begun virtual meetings with investors as the threat of Covid-19 continues to prevent any hopes of physical meetings.

The UK Debt Management Office has chosen the banks to lead what will be the first of an unprecedented two syndicated offerings in a single calendar month as it prepares to finance a substantial increase in its borrowing requirements.

The European Investment Bank and the Region of Madrid stood out in the public sector bond market this week, with the former achieving its biggest ever order book for a euro benchmark.

The high grade corporate primary market was receptive to issuance again on Wednesday, as syndicate bankers predicted this would bode well for what is expected to be a blockbuster May.

Robert Bosch, the German engineering group, has signed a €3bn revolving credit facility, as lenders warn that smaller companies in the same industry will find it harder to get financing.

The Republic of Lithuania joined the ranks of top tier emerging markets issuers proving their access to bond markets in the teeth of the coronavirus pandemic on Tuesday, as it broke its issuance record with a €2bn dual tranche trade.