BNP Paribas
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BNP Paribas expects to buck the trend of malaise at European investment banks and grow its revenues this year, it said in its fourth quarter results on Wednesday. -
LVMH Moet Hennessy Louis Vuitton, the French luxury goods group, and Comcast, the US telecommunications company, brought the European corporate bond market's two biggest multi-tranche issues of the year on Wednesday, each hitting sterling and euros, and blasting aside fears among some players of the economic impact of the coronavirus outbreak. LVMH raised a whopping €9.33bn, Comcast €4.6bn.
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Canadian professional services firm WSP Global has signed a sustainability-linked syndicated loan, as the lending structure that allows a proxy green financing for revolving credit facilities pushes into new sectors.
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The Republic of Poland has printed €1.5bn 0% 2025s on Monday, selling the deal at 100.512 to give the first ever negative yield in euros — minus 0.102% — from any global EM issuer.
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The Republic of Finland and the State of North Rhine Westphalia hired banks on Monday to prepare syndicated bonds at the long end of the euro curve. Yields of eurozone haven assets remain compressed while fears of the coronavirus outbreak intensify.
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The Republic of Poland pulled in €6bn of orders for a five year benchmark bond on Monday, with the issue four times covered as coronavirus fear still ripped financial markets.
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Elenia, the Finish electricity distribution company, opened books for a €500m no-grow seven-year bond on Thursday, its first issue since Standard & Poor’s upgraded it to BBB+ in November.
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France printed a €5bn 2052 benchmark on Tuesday, opting for an aggressive pricing strategy and keeping to a more restrained size than its typical €7bn.
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Greece hit the market with its longest bond since the sovereign debt crisis on Tuesday. Its boldness was rewarded by its strongest order book since it returned to capital markets.
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Telefonica, the Spanish telecommunications company, issued senior and hybrid bonds in euros on Monday. While it picked a horrendous day for markets for its offer, Telefonica still managed to pay small or negative price concessions relative to its secondary curve.
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Greece and France mandated banks on Monday for new benchmark offerings at the long end of the curve, the former bringing its longest bond since the eurozone debt crisis. The sovereigns are taking advantage of a sharp rally in core and peripheral eurozone sovereign yields, partially engendered by a flight to quality over the coronavirus scare.
