BNP Paribas
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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. -
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.
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Records tumbled in the US bond market this week, as Bank of America and Toronto Dominion set new pricing records.
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A pair of investment grade issuers made rare appearances in niche currency bond markets this week. Deutsche Telekom returned to the Swiss franc market after a 10 year absence, while Hitachi Capital UK made its debut in rand.
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Banca Monte dei Paschi di Siena wrapped up its second deal of the month on Tuesday, capping off a busy period for Italian deal flow in advance of important regional elections.
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Three CEEMEA sovereigns — the Kingdom of Saudi Arabia, Romania and Ukraine — joined a market this week gripped with a frenzy of new issues. All three deals went well and drew praise and attention in their own rights.
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Romania sold €1.4bn 2% 2032s and €1.6bn 3.375% 2050s on Tuesday, managing to get away half of the country’s €6bn funding target for 2020 in one swoop.
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Ukraine printed its €1.25bn 10 year bond on Wednesday so far inside its own curve that its outstanding euro bonds moved 20bp tighter and its dollar bonds 10bp-15bp tighter. The deal drew a €7bn book.
