BNP Paribas
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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.
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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.
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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.
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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.
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Austrian cellulose fibre maker Lenzing has entered the Schuldschein market with margins tied to its sustainability performance.
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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.
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French car parts supplier Faurecia dipped into the bond markets again as it prepares to take over full control of its joint venture with Continental. It is adding €250m of senior notes to the €500m of 2026 notes it issued in the spring.
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Australia’s Vicinity Centres, a real estate investment trust, issued a €500m bond on Monday, slipping into what is expected to be a week of weak activity before the high grade bond markets light up again next month.
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KfW was the only public sector borrower in the primary market on Monday, raising $1bn with a March 2021 intra-day trade which was priced with the same coupon as the World Bank’s 10 year dollar deal earlier this month.
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CPPIB Capital raised $1bn with a 10 year bond this week but despite the deal securing the issuer’s lowest ever funding cost at that tenor, bankers were unimpressed by the level of demand, adding to claims that demand for 10 year paper is waning.
