BNP Paribas
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BNP Paribas and Crédit Agricole enjoyed the best of conditions as they reopened the market for non-preferred senior bonds from eurozone banks this week, but Société Générale ran into market turbulence when it emerged a day later. Bankers said that showed that demand for the instrument remains limited. -
The euro high grade corporate bond market was noticeably calmer this week, but deals for issuers as diverse as Telstra, American Honda, La Poste and Givaudan saw chunky books and shrinking new issue premiums.
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Informa, the UK publishing and events company, has taken the decision to suspend its dividend and raise £1bn of fresh equity after the Covid-19 pandemic caused hundreds of its conferences to be postponed.
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Telstra, the Australian telecoms company, printed euro denominated debt through its curve on Thursday, but there is growing concern among bankers that the good times will not last in the bond markets.
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Cassa Depositi e Prestiti pulled off a €1bn dual tranche Covid-19 response bond on Wednesday, capitalising on investors’ desire to deploy cash into coronavirus instruments to ride out a difficult market.
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Société Générale continued the streak of French bail-in bond issuance on Wednesday but had to pay a higher new issue premium compared to its compatriots.
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France’s La Poste saw almost €14bn of demand for its dual tranche trade on Tuesday, with the state-owned postal service kick-starting the shortened week in style with borrowers expected to start exploring issuance down their capital structures.
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Dutch port operator Royal Boskalis Westminster has refinanced a €500m revolving credit facility, as analysts warn that the coronavirus pandemic could see world trade plunge by as much as 34%.
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BNP Paribas and Crédit Agricole have become the first euro area banks to launch senior bonds for nearly two months. They joined UBS in the euro market on Tuesday, taking advantage of a recent rally in credit spreads across the sector.
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Malaysia's Petroliam Nasional and China's Lenovo Group set the stage for new dollar deals on Tuesday, taking advantage of a rally in Asian bonds and improved investor sentiment despite the growing impact of the Covid-19 coronavirus.
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Fashion retailer H&M has signed a €980m revolving credit facility to sit alongside its existing main bank line, as the Swedish company becomes the latest to turn to the bank market to bolster its finances during the coronavirus pandemic.
