BNP Paribas
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Pernod Ricard, the French drinks company, was rewarded for waiting on Monday when it launched taps of existing bonds more than 50bp inside where it had originally priced the notes just weeks ago, showing just what a tonic the European Central Bank's asset purchasing has been for the corporate bond market during the coronavirus pandemic.
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US companies Amphenol Technologies and Air Products and Chemicals have mandated banks for euro bond issues, as bankers expect Reverse Yankee issuance to rise after a spell of record-breaking volume in the dollar market. -
Spreads in the financial institutions bond market have sprung back to more ‘normal’ levels lately, but issuers may have to wait a little while longer before capitalising on the improvement in conditions, given that many of them are side-lined by earnings blackouts.
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Property management company Central China New Life carried out accelerated pre-marketing for its Hong Kong IPO this week, said a source close to the deal.
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The coronavirus pandemic is shaking up the competitive landscape in capital markets, as some firms find it harder to commit to deals — but there are winners, too, and one of the most notable cases is BNP Paribas’s presence in the syndicated loan market.
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Bpifrance became the first French issuer to sell a Covid-19 response bond on Friday, raising €1.5bn.
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New ECM head at UniCredit — NIB treasurer heads to SEB — Mills takes up newly created position at UBS
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French aerospace and defence company Safran has set up a new €3bn loan facility.
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Bpifrance is preparing to issue a bond which will be used to provide loans to companies in France to help them overcome the economic difficulties of the coronavirus pandemic.
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The corporate bond market has returned to some semblance of normality, with Switzerland’s Firmenich and Australia’s APA Group taking the traditional route of holding a roadshow before opening books, and syndicate bankers say the wild, record-breaking weeks for primary issuance are over for now.
