BNP Paribas

Following on from Barclays’ Kangaroo return last month, two more foreign banks looked towards the Australian market on Wednesday. Toronto Dominion Bank placed its inaugural bail-inable Kangaroo and BNP Paribas printed its first Australian dollar AT1 note.

Budweiser Brewing Company Apac cracked open its up to HK$76.4bn ($9.8bn) Hong Kong IPO this week, set to be the city’s largest listing in nearly a decade and the world’s biggest so far this year, with early investor orders coming in thick and fast. Jonathan Breen reports.

The Kingdom of Saudi Arabia printed its debut bond in euros on Tuesday. The deal was widely hailed a success, sold with a minimal new issue premium, final order books of over €14.5bn and trading up well in the secondary.

Turkey returned to the market on Tuesday, raising $2.25bn of five year dollar paper with a slim new issue premium. The deal was timed to take advantage of a tremendous rally in Turkish asset prices, but not all investors are convinced.

Investors are increasingly showing "price discipline" in the primary market, according to FIG bankers, even though falling yields have severely limited their ability to quibble over returns.

China’s Edvantage Group opened books for a HK$805m ($103m) float on the Hong Kong Stock Exchange (HKEX) on Wednesday.

Two German issuers returned to the corporate euro bond market on Tuesday, amid a thirst for risk among investors sparked by last weekend’s G20 meeting.

KfW and Bpifrance hit screens with taps of existing debt on Tuesday, with levels so tight that the sovereign, supranational and agency market’s best rated names are finding it trickier to get traction from investors.

Lloyds Bank Corporate Markets, the non-ringfenced arm of Lloyds Banking Group, has made its capital markets debut. The UK bank went private to place short-end paper in both fixed and floating rate formats, ahead of a debut in the public market later this week.

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.

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.