BNP Paribas

Chinese car manufacturer Geely Automobile Holdings came out with its first perpetual deal this week, raising $500m while paying a small premium over its outstanding senior bond.

Surprisingly buoyant market conditions mean that next week could be wide open for business instead of sinking into a post-Thanksgiving lull, said financial institutions DCM bankers.

Merlin Properties, the Spanish real estate investment trust, launched on Wednesday a €500m no-grow 15 year benchmark bond, rated Baa2/BBB, with a positive outlook from S&P Global.

After a day of global investor calls on Tuesday, Gas Networks Ireland and Radiotelevisione Italiana (Rai) launched sub-benchmark bonds on Wednesday morning. That followed a deal by Tamburi Investment Partners on Tuesday.

Aircraft leasing and aviation services company Avia Solutions Group became the latest debutant in the European high yield bond market on Tuesday. Central bank monetary policy has eased the path for a number of debuts in the last couple of weeks.

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.