BNP Paribas

KfW was the only public sector borrower to sell a new issue in the primary syndicated bond market this week, as it raised $1bn with an intra-day trade ahead of the US Federal Reserve cut rates for a third time this year.

BNP Paribas enjoyed a bumper increase in revenues from primary bond issues and fixed income trading in the last quarter, it revealed on Thursday.

Banks are lining up to refinance additional tier one deals ahead of their call dates in 2020, after a string of deals this week proved that yields are teetering on record lows in the market.

Italian infrastructure engineering firm Maire Tecnimont has brought a sustainability-linked note to the Schuldschein market, the second to be launched this week. However, with this debut issue, the margin rise or fall is larger than the previous two, making it an interesting test for investors.

Zhenro Properties Group returned to the dollar bond market for the ninth time in 2019 on Wednesday. The real estate borrower raised $300m from what is likely to be its last deal of the year.

Germany’s Daimler and the Netherlands’ KPN were out for euro bonds on Wednesday. High grade corporate bond players kept an eagle eye on the trades to see what shape the European Central Bank’s bond buying programme would take this time round.

The Public Investment Fund, Saudi Arabia's sovereign wealth fund, has closed a $10bn bridge loan, with tighter margins than its debut entry into the loan market in September 2018. The deal is one of this year's highlights from the region, where syndicated loan volumes have declined from last year.

US pharmaceuticals firm Eli Lilly headed out into the euro market on Tuesday for a €1.6bn dual tranche trade, which will partially finance a tender offer on dollar debt.

Spanish pharmaceutical company Grifols is planning to take advantage of balmy market conditions with a refinancing package that will replace most of its outstanding debt. The package will consist of a $3bn term loan B in dollars, a $1.6bn TLB in euros and $1.25bn of senior secured bonds issued in euros.

Skandinaviska Enskilda Banken (SEB) refrained from pushing into record territory with the coupon on its new dollar-denominated AT1 on Tuesday, as European banks begin testing new lows for yields in the asset class.

Austrian cellulose fibre maker Lenzing has entered the Schuldschein market with margins tied to its sustainability performance.

BNP Paribas has named Karine Delvallée as its new head of territory for Australia and New Zealand and general manager of the bank’s Australia branch.