BNP Paribas
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A strong start to the year for public sector dollar issuance is keeping up the pace so far this week, with last week’s slowdown during the Chinese New Year holidays only appearing to make investors hungrier. Both of Tuesday’s dollar deals were well oversubscribed — one spectacularly so — and there is a full card of issuers waiting to come on Wednesday. -
The European Financial Stability Facility completed its funding for the first quarter with a dual tranche offering on Tuesday, which was priced with minimal concession, according to the leads.
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On Tuesday, Swedish telecoms company Telia sold the longest maturity corporate bond deal of 2019 so far. Telia had not been to the market for nearly two years, but has a history of long-dated issuance.
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The European Financial Stability Facility mandated banks on Monday for a long five year and a tap of its February 2043 bond.
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Shares in Symrise, the German supplier of food flavouring and fragrances, rose as much as 2.1% on Friday morning after the company completed a €400m capital increase to finance its acquisition of International Dehydrated Foods in the US.
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BNP Paribas and Société Générale both announced new plans to slim down their investment banks this week. They posted sharp drops in revenue across global markets operations that were, on balance, a bit worse than those registered so far by the rest of the industry.
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The theme in the euro public sector market this week was large book sizes despite issuers paying very little concession, with Finland, the European Investment Bank (EIB), Madrid and the Joint Länder all keeping close to their curves.
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Italy received record-breaking demand for a long end syndication this week, overtaking its previous record set only last month. But it wasn’t all positive for Italy, as its bonds took a hit after the European Commission cut the country’s growth forecast on Thursday.
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BNP Paribas (BNPP) this week reported major losses from derivatives trades after being hit by the sharp rise in capital markets volatility towards the end of 2018.
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Mashreqbank, the largest privately owned bank in the United Arab Emirates, is embarking on a roadshow to market a dollar benchmark five year fixed rate Reg S senior unsecured bond.
