BNP Paribas
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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. -
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.
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Investors piled into a new hybrid bond for hotel group Accor this week to oversubscribe the €500m deal by almost six times. The demand reflected a ramping up of the hunt for yield as the European Central Bank stokes the fires of its corporate bond buying programme.
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The Republic of Indonesia raised more than $2bn from a dual-currency bond sale on Wednesday, taking some of the market by surprise with its opportunistic move.
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France’s FFP issued a €300m no grow seven year debut bond on Wednesday, marking a rare market outing from an unrated French credit this year.
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Genius Auto Finance has taken home Rmb4bn ($565m) from its third auto loan ABS of the year, scrapping the mezzanine tranche and boosting the size of the subordinated portion. The issuer achieved slightly tighter yields on both senior tranches compared to its previous trade.
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CPPIB Capital underwhelmed with its return to the 10 year dollar market on Tuesday, giving further evidence of slowing demand following a string of trades in this part of the curve in recent weeks.
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The stars aligned for French drink company Pernod Ricard’s return to the bond market, with the issuer printing flat to its curve, or even through it by some estimates, in its first outing since being upgraded by two credit rating agencies.
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France’s Unibail-Rodamco-Westfield has set final terms on a €750m trade, with the commercial real estate firm ramping up the size while whittling away at the spread to around a single digit new issue premium.
