BNP Paribas
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The Netherlands’ Tennet Holding has increased the size of its bank revolving credit facility to €3bn and linked the margin to sustainability goals, in a deal the electricity transmission system operator says is the largest sustainability-linked revolver in the Benelux region.
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Egypt is in market promoting a new deal: three tranches of benchmark dollar funding. Its 40 year tranche will be Egypt’s longest ever deal. -
Ball Corporation, a US metal packaging and aerospace technology company, is looking to cut its financing costs with a €900m issue of senior unsecured notes. Crown, its closest peer in metal packaging, set a new floor — just 0.75% — for high yield coupons in Europe in October.
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Italian crossover credit Immobiliare Grande Distribuzione, a real estate company, has hired banks for a sub-benchmark bond issue and tender offer, as roadshow calendars remain packed with deals.
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Two SSA borrowers are coming to the market for euro deals on Tuesday. The European Financial Stability Facility and Erste Abwicklungsanstalt will both print what are likely to be their final benchmarks of the year.
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The UK Debt Management Office has chosen the banks to lead the re-opening of its 0.125% 2041 index-linked Gilt, which is scheduled to take place next week.
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Royal Dutch Shell’s choice this week of a tight syndicate, heavy with US banks, to lead $4bn and €3bn of bonds has laid bare the sense of vulnerability among banks outside the US bulge bracket, as some expressed resentment at being left out of a lucrative and prestigious mandate.
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High grade dollar bond investors are braced for the biggest deal of the year after AbbVie, the pharmaceutical company, appointed a trio of banks to lead a possible $25bn issue that could come as soon as Monday.
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Two SSA borrowers tapped the seven year part of the euro curve this week, but came away with different results. Luxembourg received an oversubscribed book for its deal on Wednesday, while Nederlandse Waterschapsbank (NWB Bank) had to price without fully placing its €1bn trade.
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Serbia has returned to the euro market after only four months, tapping the line it opened in June this year and raising cash to refinance dollar obligations it faces in 2020.
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National Express and Citycon mandated banks on Thursday for bond issues, piling into the November issuance spree before the market goes into hibernation next month.
