BNP Paribas

China National Chemical Corp (ChemChina) surprised the market with a change in strategy for its latest bond offering this week. High profile as always, the state-owned company’s four-tranche transaction was smaller in size, but tighter in price. Addison Gong reports.

ESR Cayman, which builds and leases warehouses, has pulled its float on the Hong Kong Stock Exchange, delaying the deal indefinitely.

China’s Zhenro Properties Group wrapped up its first attempt at issuing perpetual bonds offshore this week, selling the note with a senior-to-perp differential that was tighter than some of its higher rated peers.

Lippo Malls Indonesia Retail Trust made its debut in the dollar market on Wednesday, diversifying its investor base and achieving quite a large deal size at an attractive price.

It's not often a €1.75bn deal from Volkswagen Leasing is overshadowed in the corporate bond market, though that was the case on Wednesday with Berkshire Hathaway's £1.75bn 20 and 40 year stormer. But Berkshire left euros clear for Volkswagen - it only had Bright Food of China to compete with.

The Republic of Lithuania has set spreads on its 10 year and 30 year euro bonds having crunched 10bp from initial guidance.

Ford Motor Credit and Aéroports de Paris issued investment grade corporate bonds in Europe on Tuesday, while Spie joined them with an IG-style but high yield-rated deal.

Caisse des Dépôts et Consignations (CDC) on Tuesday came to market with its debut sustainable bond, the first under its new green, social and sustainable framework.

The CEEMEA region is lining up one of its busiest fortnights of the year for bond issuance as Black Sea Trade and Development Bank and the Republics of Serbia, Croatia and Lithuania join a swathe of EM issuers already on the road. JP Morgan looks to be solidifying its position at the top of the CEEMEA league tables — it has been picked for every one of the deals mandated on Tuesday.

BNP Paribas has promoted Paul Yang, the current head of Greater China, to be head of corporate and institutional banking (CIB) for Asia Pacific, according to sources.

This week is set to be busy in Europe's investment grade corporate bond market, despite yet another dead day on Monday because of public holidays. Equities rose on Monday and sentiment is good; market participants have decided they are comfortable with what they got from the European Central Bank on Thursday.

The Inter-American Development Bank hit screens on Monday afternoon for a new June 2029 dollar benchmark. The note is the IADB's first 10 year benchmark of the year and other SSA issuers are circling, ready to enter the market if this deal goes well.