BNP Paribas

Lenovo Group, one of the world’s largest computer and electronics makers, lost a long time financing partner when IBM decided to close its factoring operation for hardware equipment manufacturers in February, GlobalCapital can reveal. But Lenovo moved fast to replace this with one of the largest trade receivables securitizations ever signed. The $3bn deal included selling junior notes to three investors to maintain full off balance sheet treatment for the assets and debt.

Telefónica Deutschland has signed a €750m environmental, social and governance-linked (ESG) loan, as sustainability financing continues to gain a foothold in a country that has until now been slow to take up the structure.

Big European investment banks pivoted towards the Americas during 2019 in an attempt to boost revenues and position themselves for the next downturn, writes David Rothnie. With large M&A across the industry still off the table, banks are finding scale through joint ventures and alliances.

Hong Kong-based personal loan provider PrimeCredit has issued $200m of asset backed securities, making it the first public term securitization in Hong Kong in more than a decade.

Power company Electricité de France has agreed to buy back almost €1.2bn-equivalent of its hybrid capital bonds, marking the end of a busy period for the company in the debt markets.

French water and waste management and energy services company, Veolia Environnement, bagged Rmb1.5bn ($215m) from a private placement Panda bond issuance last Friday.

Chinese property developer Hydoo International Holding has priced new notes as part of an exchange offer, issuing $193.5m of two year bonds that include around $82m of new money.

Investec has entered the loan market for the third time this year, taking a $450m two year term loan from a range of international lenders.

Hebei-based steelmaker HBIS Group raised $300m from a bond this week ahead of an April maturity. It hit the market when investor confidence was shaken by recent and upcoming defaults from China.

French insurance firm Scor made good use of quiet conditions in the FIG market this week, tapping a restricted tier one (RT1) bond — the first ever in dollars — for another $125m.

French company Veolia Environnement is set to return to the Panda bond market after more than a year away. It has mandated banks for its third outing in China’s debt market.

JAB Holding, the consumer products holding company, steepened its credit curve this week with its dual tranche bond, as it preferred securing demand over squeezing investors on pricing.