BNP Paribas
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Belgium’s Cofinimmo has amended and restated its revolving credit facility, with the real estate investment company ramping up the size of its bank line to €400m. -
US-based energy trading firm Castleton Commodities International has signed $2.775bn of loan facilities, with European banks making up a large part of the group.
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With emerging markets loan volumes half of what they were by this time last year, syndicate staff are facing job cuts and increased pressure to find ways to compete for what scraps of business there are. The battlegrounds will be pricing and covenants.
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The Kingdom of Saudi Arabia has tightened guidance for its dual tranche debut in the euro market, offering a 10bp new issue premium for its eight year and a 5bp concession for its 20 year, according to a syndicate official away from the deal. Combined books are over €10bn, including €1.5bn of joint lead manager interest.
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Turkey announced a five year dollar Global benchmark on Tuesday, returning to the market for the first time since March and making the most of the rally in Turkish assets.
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Chinese private higher education provider Edvantge is planning to raise up to $100m from a listing on the Hong Kong Stock Exchange, with bookbuilding set to open on Wednesday.
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A renewed appetite for risk was felt in Europe's corporate bond market this week, after US president Donald Trump appeared to have made overtures to the leaders of China and North Korea. Two issuers took advantage: Merck of Germany, with an acquisition financing, and ArcelorMittal, with a modest tap.
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Three public sector borrowers announced plans for new issues on Monday as issuers took advantage of a shift in sentiment following the G20 summit at the weekend.
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Two companies took advantage of a quiet market on Friday to issue euro bonds. International Airlines Group, owner of British Airways, Iberia, Aer Lingus and Vueling, issued €1bn of bonds that were more than three times covered pre-reconciliation, while Volkswagen Bank printed €500m solely led by Goldman Sachs.
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The prospect of a blockbuster bond deal from US pharmaceutical group AbbVie was welcomed by dollar bond investors this week, after corporate issuance tumbled to its lowest monthly tally this year.
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The auction to determine the credit default swap payouts over the safeguard proceedings of Rallye was held on Thursday, and gave protection buyers an 87.5% payout. The supermarket holding company’s bonds had slid roughly five points in the week before, to trade at around 15 ahead of the auction, but settlement interest was all on one side, pushing the final price to 12.5.
