BNP Paribas

French agency SNCF Réseau steamed on to screens on Tuesday with initial pricing thoughts for a tap of its December 2047 green bond.

Abu Dhabi printed a huge $10bn bond on Monday with no roadshow and a 30 year tranche that was 20bp tighter in spread than its last bond of the same maturity printed in 2017. But though the deal seems to have been triumphant for Abu Dhabi, the notes were around 2bp wider on Wednesday and investors are fretting that large EM supply is causing some indigestion in the market.

Bankers brought a flood of Middle East bond supply to market on Tuesday, with four separate issuers — the Kingdom of Bahrain, DP World, National Bank of Fujairah and Islamic Development Bank — all announcing guidance for deals. The notes follow an already heavy week of supply from the Gulf, with Abu Dhabi having printed a $10bn triple trancher on the same day.

Strong investor appetite for Thai bank capital deals helped Kasikornbank beat expectations with its $800m Basel III-compliant tier two bond.

Budweiser Brewing Company Apac has raised HK$39.2bn ($5bn) after pricing its IPO at the bottom of guidance, and partially using an increase option. It was the company’s second attempt at listing in Hong Kong.

Chinese game developer CMGE Technology Group has filed an IPO prospectus with Hong Kong’s stock exchange for the third time and is confident about listing this year.

Germany’s Henkel, a chemical and consumer goods company, launched a dual tranche sterling bond on Monday, as bankers said the busy high grade market was showing signs of saturation.

The Emirate of Abu Dhabi ended a two year absence from capital markets on Monday with a triple trancher, mirroring the tenors it used in its last trip to the market in 2017.

The Bunzl has signed a sustainability linked loan, with the global distribution and services company becoming the latest firm to link the margin on its bank debt to its carbon emissions.

Verallia, the French maker of bottles and jars, has begun bookbuilding for its €962m IPO, which will be the largest flotation in France more than two years.

The European Bank for Reconstruction and Development won strong demand from investors as it brought a new type of green bond to the market last Friday. The deal aims to put more focus on the need to adapt to climate change, complementing the work being carried out to mitigate its effects.

SMBC has made two additions to its London desk for syndication origination in structured finance.