BNP Paribas
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The root of arbitrage is the same thing being priced differently in two markets. As markets have got bigger and more sophisticated, arbitrage has become harder to find. -
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Following the success of its first 10 year bond in almost a decade, Greece is looking to have a frequent presence in the debt capital markets. The sovereign may even return with either a tap or a new issue this year, even though it has met its minimum planned issuance of benchmark bonds for 2019 and has a significant cash buffer.
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EMEA loans bankers are taking some positives from developments in the wider capital markets.
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Pearson, the UK educational publisher, has signed a $1.2bn bank facility with a novel margin link to the company’s progress in educational reach, but loans bankers say that this increasingly popular form of funding is unlikely to drag the market out of its low volume melancholy.
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Emirates NBD has picked banks for a bond in the additional tier one format, aiming to be the second such deal from a Middle East bank this year.
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Bank of China paid a visit to the euro bond market on Wednesday, raising €500m through its Paris branch. It was just the latest Chinese financial institution to fund in the currency.
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French car manufacturer Peugeot has begun marketing a Schuldschein, as market participants are confident in attracting corporates fresh out of results season.
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Indonesian textile company Delta Merlin Dunia Textile made its debut in the dollar bond market on Tuesday. But first it had to overcome a huge range of value estimates from investors.
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Vodafone brought to market on Tuesday its second mandatorily convertible bond that comes with language indicating Vodafone will buy the shares back — a second attempt to achieve the corporate financing holy grail of 100% equity credit without diluting shareholders.
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Greece received a huge reception for its first 10 year benchmark in almost a decade on Tuesday, taking advantage of a double upgrade by Moody’s last Friday and strong market conditions.
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Xylem has signed an $800m sustainability-linked revolving credit facility, claiming to be the first water technology company in the US to agree a deal using that structure.
