BNP Paribas

BNP Paribas has hired from Standard Chartered to bolster its Latin American debt capital markets team, GlobalCapital understands.

Spain enjoyed enormous demand for a 10 year syndicated bond on Tuesday, with an order book which was almost double the previous record for a single tranche euro public sector benchmark. Bankers away from the deal said investors were attracted by the big new issue premium on offer.

Europe's equity capital market bankers are expecting a resurgence of secondary share sales by investors over the coming weeks as financial sponsors look to take advantage of the rebound in global equity markets since the start of the pandemic to raise cash to redeploy elsewhere.

Italian-American car company Fiat Chrysler has drawn down on its €6.25bn revolving credit facility to shore up its finances during the Covid-19 pandemic, though the company has left a new bridge loan untouched.

Asian Development Bank (ADB) and Agence Francaise de Developpement (AFD) hit the market for dollar paper on Tuesday, with the Manila-based supra going for five years and the French agency opting for three years.

Financial institutions with funding needs that are holding off in anticipation of better issuance conditions are doing it wrong. Waiting until the other side of earnings season to bring deals will likely prove a mistake.

Any concerns over Italy’s market access were vanquished on Tuesday when the sovereign received €110bn of orders for a dual tranche bond syndication, allowing it to raise €16bn as it makes inroads into its enlarged funding task in response to the coronavirus pandemic.

Switzerland’s Firmenich and Australia’s APA Group have mandated banks to arrange fixed income investor meetings, with both companies looking to recapture the magic of compatriot issuers in recent weeks.

Sweden’s Alfa Laval has amended its revolving credit facilities, with the heavy industry products maker consolidating two old deals into one €900m revolver.

A measured reopening of the primary bond markets in the last month has left banks in a good place to launch new deals after first quarter results, according to FIG DCM officials.

The Export-Import Bank of Korea jumped on the floating rate note bandwagon on Monday, raising $700m from the market. It also added a euro tranche with a green label to its transaction.

Agence Française de Développement (AFD) will tap the dollar market this week to become the latest public sector borrower to print a bond in response to the coronavirus pandemic.