BNP Paribas

Intesa Sanpaolo and BNP Paribas hurried to make use of strong market conditions this week, building blowout order books for a pair of new senior deals in socially responsible formats.

Two senior French equity capital markets and coverage bankers who left Société Générale two months ago have joined arch-rival BNP Paribas.

Italy’s Tamburi Investment Partners brought a sub-bechmark five year trade on Tuesday, with similar deals for Gas Networks Ireland and Radiotelevisione Italia waiting in the wings.

Electricité de France attracted huge demand for a €500m hybrid capital bond issue on Tuesday, as the continued grinding tighter of corporate bond spreads meant subordinated bonds enjoyed solid demand from investors.

Tesco, the UK supermarket chain, and US medical equipment firm Stryker sailed through the European bond market on Monday. Both issuers benefitted strongly from having picked the right moment to launch.

High grade corporate borrowers have crammed into what syndicate bankers have labelled the last clear issuance window of the year, with Stryker Corp, Tesco and Arkema out with euro trades.

Switzerland’s Also Holding has signed a €300m revolving credit facility, with the B2B technology company making the step from bilateral to syndicated lending.

Teva, the Israeli-US pharmaceutical company, priced a $2.1bn bond package at the tighter end of the initial price thoughts this week. While it is yet to come to a settlement over its alleged involvement in the US opioid crisis, investors were happy to jump aboard a rare double-B issue yielding up to 7%.

The Kingdom of Morocco moved from roadshow to deal execution on Thursday with a 12 year bond that looked set for tight pricing.

Israeli-US pharmaceutical company Teva has priced a $2.1bn bond package at the tighter end of initial price thoughts. Although Teva is still to sign a binding global settlement on its involvement in the opioid crisis, investors were happy to jump aboard a rare double-B issue yielding as much as 7%.

Immobiliare Grande Distribuzione, a crossover-rated Italian property company, brought a sub-benchmark five year bond on Wednesday and shaved 25bp off the spread during execution.

France’s SNCF has signed a €3.5bn sustainability-linked loan, with the state-owned railway company only able to use the facility from the start of next year after the country’s reform bill is enacted.