BNP Paribas
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LG Chem, the chemical and battery producing arm of South Korean group LG, launched its first euro and dollar bonds this week, after a long sojourn in the won market. All three tranches, which were also green bonds, were heavily oversubscribed. -
The undersupplied European high yield market saw a strong start on Monday, as banks announced new deals from Ineos and Italmatch.
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KfW extended its syndicated euro curve to 2039 on Monday as it brought a new 20 year line that was priced flat to fair value.
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Loxam, the France-based equipment rental company, refinanced a secured and subordinated high yield bond with a twin tranche new issue this week, cutting its funding costs, the spread between the tranches, and showing the strength of the bid for subordinated paper.
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Sovereign, supranational and agency (SSA) issuers burst into the second quarter with a scorching week that saw plenty of big books and minimal or negative premiums.
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A reverse enquiry was the catalyst behind KfW’s decision to print its first Swedish krona note of the year on Wednesday — one of the largest krona deals issued by the German agency.
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Two renewable energy companies achieved successful euro bond issues on Thursday. Norsk Hydro, the Norwegian aluminium and renewable energy firm, and ERG, the Italian wind energy group, issuing in green format, both tightened their prices and finished with plenty of over-subscription in their books.
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Following the success of the first Spanish public sector green bond, the market’s attention has turned to the highly anticipated debut green bond from the Spanish sovereign.
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The Arab Republic of Egypt on Thursday printed a €2bn dual tranche euro deal with a massive negative new issue premium of 22bp on the longer bond — one of the largest ever negative concessions on an EM issue. The deal takes Standard Chartered to the top of Dealogic’s league table of CEEMEA bonds, though it is a title to be only briefly held as the Saudi Aramco jumbo bond is expected next week, which other banks are arranging.
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A French agency and a Belgian sub-sovereign are preparing to issue their first bonds.
