BNP Paribas
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ANZ New Zealand was well received after opting for a longer maturity on its return to the euro senior market this week, welcoming €1.2bn of orders for its €500m 10 year. -
Kuwait's Warba Bank is embarking on a roadshow to market its first senior unsecured sukuk. The dollar five year note is expected to be printed “around the 3% mark”, according to a DCM banker on the deal.
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Industrial and Commercial Bank of China has priced $3.15bn of green bonds in US dollars, Hong Kong dollars and offshore renminbi (CNH), achieving a number of firsts in the process.
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Corporate bond issuers made full use of the last few days before the European Central Bank's much-anticipated announcement on monetary policy on Thursday. Despite the hectic activity of the past two weeks, investors were still oversubscribing deals two or three times.
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KfW mandated banks for its longest ever dollar green bond on Monday, while the Inter-American Development Bank is taking indications of interest for its inaugural Sofr-linked floating rate note.
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Two new corporate bond issues hit the market on Friday, wrapping up the busiest week of the year, in which nearly €22bn of new notes have been printed. Despite the frantic activity, investors have been willing to lend, though companies may have had to pay larger new issue premiums.
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A new sustainable finance product, which has the potential for huge growth, was launched on Thursday when Enel, the Italian electricity and gas company, issued the first bond in which the interest rate can be altered during the term of the debt, based on the borrower’s sustainability performance.
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Credit Suisse and SpareBank 1 priced deals in senior format this week, choosing longer maturities to avoid entering negative yield territory. SpareBank 1’s €500m green bond attracted demand of €700m but leads were not able to tighten pricing to the tight end of their price guidance.
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The frenzy of investment grade corporate bond issuance in Europe intensified on Thursday, when eight companies came to market, issuing a total of €6.6bn of paper in euros. That brought the total for the first four days of this week to over €20bn. Despite the heavy supply, issuers have found sufficient demand to support their notes.
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The European Investment Bank failed to reach full subscription for a tap of its May 2026 Sustainable Awareness Bond that was priced with a yield of minus 0.542%.
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The dollar SSA market saw a clear schism this week between the maturities investors favour, with shorter end trades tightening pricing while longer maturity deals were forced to print in line with initial price thoughts.
