BNP Paribas

Singapore’s Temasek Financial, part of the government investment firm Temasek Holdings, is headed to the euro bond market, as low spreads continue to draw international borrowers.

Oil major BP and motorbike maker Harley-Davidson both hit the euro bond market on Tuesday, in the wake of the European Central Bank’s far bigger than expected first week of corporate bond purchases.

The European Financial Stability Facility rounded off its 2019 funding programme on Tuesday, but some on-looking bankers remarked that the deal, though fully subscribed, did not reach the issuer's customary high levels of demand. Meanwhile, Erste Abwicklungsanstalt returned to the euro market for the first time since February 2018.

Two SSA borrowers have will follow KommuneKredit's lead by issuing green bonds on Wednesday after the Danish agency announced and priced a deal on Tuesday.

AIB Group has wasted little time in accessing the debt markets for subordinated capital. It launched a tier two bond this week, little over a month after selling an additional tier one (AT1) bond, adding to its minimum requirements for own funds and eligible liabilities (MREL).

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.

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.

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.

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.

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.

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.