BNP Paribas

Marfrig Global Foods, the Brazilian beef producer, has stirred up the green finance market by issuing a $500m ‘sustainable transition bond’. To some, it is a template for a new asset class that can help finance the global economy’s shift to lower carbon emissions. To others, it is a shocking case of greenwashing. By Oliver West and Jon Hay.

BNP Paribas hires UK advisory head — Créd Ag’s credit unit chief moves to markets role — AIIB hires ICBC loan syndicator.

Andrew McNaught will lead BNP Paribas’ UK advisory team from the end of the month, as the French bank plans to develop its corporate operations in the country “further, faster”.

The focus was on costs in the second quarter results of BNP Paribas and Société Générale’s investment banks, announced this week. BNP Paribas managed to keep a lid on expenses and could boast of "positive jaws", but SG took on a big charge from its restructuring.

London-listed Resolute Mining has agreed to buy Senegal’s Toro Gold for $274m, with the acquisitive company planning to turn to its syndicated lenders to refinance the bridge debt linked to the purchase.

Investment grade corporate bond issuance is all but becalmed, but the high yield market is bustling with activity, as a wide variety of companies bring deals, including several strategic capital raisings and M&A financings.

The state of Israel returned to the yen market for the first time in 18 years this week to raise ¥15bn ($140m) of seven year debt. The private placement marks the state’s third visit to the capital markets in 2019 and its first non-euro trade of the year.

Rentenbank and Inter-American Development Bank hit the market for small taps of existing dollar debt on Tuesday, though some investors’ attentions are focused on this week’s US Federal Reserve meeting.

Shinhan Financial Group has deepened its sustainable funding pool, raising $500m from a bank capital deal that was appealing to investors.

Malaysia’s Maybank returned to the Taiwanese market on Monday to raise $850m from a Formosa bond.

Brazilian meatpacker Marfrig is looking to fund cattle purchases that meet its environmental and sustainability criteria through a debt sale that the company is describing as a “sustainable transition” bond.

Energie Baden-Wuerttemberg hit screens on Monday to sell a pair of green hybrid bonds, returning to the green bond market to follow up on its October 2018 debut.