BNP Paribas

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.

Rabobank has become the first Dutch bank to enter the credit markets in over two months, after launching a non-preferred senior bond on Wednesday. The issuer tacked on a call option, which bankers say are cheap to deliver in the market at the moment.

The European Investment Bank achieved its biggest ever order book in euros on Tuesday, as it sold its first seven year benchmark of the year.

Marks & Spencer, the UK retailer, has negotiated with its lenders to relax the covenant testing on its £1.1bn revolving credit facility, as it tries to mitigate the effects of a pandemic that has sent its ratings crashing into junk territory.

Crédit Mutuel Arkéa paid a 'generous' 7bp of new issue premium for a preferred senior bond on Tuesday, taking advantage of a quiet market to attract attention from investors.

Caisse Française de Financement Local (Caffil) has launched the first negative yielding covered bond since the onset of the coronavirus crisis in Europe, after linking the use of proceeds from the deal to fighting against the effects of the pandemic.

Korea East-West Power Co (EWP) offered no new issue concession for its $500m bond on Monday, but still drew orders of close to $4bn. Its notes only tightened further in the secondary market, showing investors’ support for quality borrowers.

After releasing first quarter results that one credit analyst said showed “limited to no impact” from the coronavirus pandemic, Mexican payroll lender Crédito Real said on Monday that it had established a $1.5bn MTN programme that would give it “access to a wide array of debt securities in various international markets, currencies and maturities”.