BNP Paribas
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South Korea's Shinhan Bank has taken its first step into the euro bond market, raising €500m of green funding on the back of €650m of demand. -
Europe's high grade corporate bond new issue market has opened the week smartly, with almost €2bn of debt raised, as borrowers nip into the market before earnings blackouts interrupt new issuance.
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Greece has appointed a syndicate to lead a tap of the 10 year bond it issued earlier this year, in what will be its fourth public transaction of 2019. The trade will be joined in the market by a new 10 year euro benchmark from the Province of Québec.
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Five years ago, BNP Paribas’ CEEMEA business was on shaky ground. It had just been fined $8.9bn by the US Justice Department for evading sanctions on Sudan, Cuba and Iran and hit by a dollar trading ban on parts of the oil and gas business. Today, its bond origination effort in the region looks very different, but Alex Karolev, head of CEEMEA bond syndicate, and Alexis Taffin de Tilques, head of CEEMEA DCM, argue that the bank’s selectiveness has made it stronger.
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The European Investment Bank won a huge reception from investors for its debut €STR-linked floating rate note (FRN) this week, ignoring concerns about a lack of demand amid negative rates in the euro market. While there is a lack of clarity about calculating €STR bonds’ fair value and on Euribor’s future, public sector borrowers are expected to embrace the risk-free euro rate.
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Investor sentiment is turning against primary emerging market bonds. Investors’ newfound discipline, a host of new issues in the market, and a volatile backdrop has meant that several trades this week were letdowns. Now, investors are vowing to be more cautious in the coming weeks. Even if US rates are cut further, yield no longer trumps all other concerns, writes Francesca Young.
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Finland’s Mesto has signed €800m of revolving credit facility, as the industrial machinery company builds up its cash war chest in preparation for its partial demerger.
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There were no fireworks as the World Bank issued its longest ever euro benchmark on Wednesday, with the last book update showing a lower volume of orders than the deal size.
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Investors warmly welcomed the first benchmark €STR-linked floating rate note on Wednesday, brushing aside previous concerns about a lack of demand for euro FRNs as a result of deeply negative rates in the currency.
