BNP Paribas
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BNP Paribas this week set a new record low for an additional tier one (AT1) coupon issued from a European bank in the dollar market, raising $1.75bn amid heady demand for the product. Iceland’s Arion Bank was also in the market, chipping in with a $100m deal ahead of beneficial domestic tax changes. -
One of February’s few dollar issuers hit screens on Thursday, raising $1bn of five year cash at an impressive spread.
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US bond market tourists poured into high grade euros this week, where tiny concessions and a cheap overall cost of funding saw a string of successful trades.
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Ontario Teachers’ Finance Trust has chosen four banks to organise a series of meetings with euro fixed income investors, ahead of what will be the issuer’s first bond in the currency.
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Cadent Gas, the UK gas distribution network spun off by National Grid in 2017, will roadshow from Tuesday next week for a €500m transition bond. The deal is likely to delight green bond specialists who have championed the idea of transition bonds as a way to finance companies that are not green, but are moving towards lower carbon business models.
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Teréga, the French gas transport utility, enjoyed chunky demand for a €400m bond issue on Thursday, despite its sub-benchmark size.
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Intesa Sanpaolo chose to split an additional tier one (AT1) deal into two tranches on Thursday, with one eye on the secondary performance of the bonds and the other on the maturity profile of its debt capital stock.
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The Council of Europe Development Bank has picked the banks to lead its first dollar benchmark of the year, in what will only be the second public deal in the currency this week.
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A pair of SSA borrowers hit screens on Wednesday for green euro benchmarks. However, one has decided that its marketing process will be entirely conducted over the phone.
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Relx Finance, the funding arm of UK specialist publisher Relx, has hired banks to arrange a roadshow for a triple tranche bond sale, with maturities out as far as 12 years.
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US tourists are flocking to Europe's high grade corporate bond market this week with Reverse Yankee deals. General Motors Financial was the latest with a six year trade on Wednesday.
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ING Groep postponed the sale of an additional tier one after clocking up $11bn of demand in the dollar market on Wednesday. At the same time, Arion Bank was looking to launch a $100m deal in the same format — the lowest volume on record in dollars.
