BNP Paribas
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UniCredit will likely become the first commercial bank to finish a year in the top two arrangers in the Schuldschein market. As the market internationalises, many believe commercial banks are well placed to challenge the Landesbanks’ grip on deal flow. -
Kommuninvest was the sole dollar benchmark in the public sector market this week, getting in just a day ahead of Thanksgiving to reach its 2018 funding target. Dollar SSA supply is likely to be limited for the rest of the year, but there is room for "opportunistic" trades at the short end, according to bankers.
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Bankers in the corporate bond market still have a number of deals on their pads to try to execute ahead of the end of 2018. None was successful this week, but that hasn’t dented their ambition.
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BNP Paribas has hired a senior German coverage banker from Commerzbank.
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Kommuninvest took advantage of the lack of competing SSA supply on Wednesday to price a long three year dollar trade ahead of the US holidays. Meanwhile, Nederlandse Waterschapsbank has appointed banks to arrange investor calls for its annual water bond.
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US medical technology company Stryker is still looking to bring its debut euro transaction following its recent roadshow, but is waiting for market conditions to improve before pushing its triple-tranche offering into the market.
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BMW Automotive Finance will open books for its second auto loan ABS of the year on November 27, another three-trancher worth Rmb4.5bn ($648m).
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No bond issuer is safe in this volatile market. Industrial and Commercial Bank of China (ICBC) learned that the hard way when it was forced to pull a dual-tranche floating rate deal last week. Its failure should serve as a warning sign to other borrowers.
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Thai Oil Public Co navigated challenges around fluctuating oil prices to push out a $1bn dual-tranche bond on Thursday that was strongly supported by investors.
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Following an underwhelming response for a tier two from BNP Paribas this week, financial institutions that had been looking to pre-fund their 2019 issuance requirements have had to think again about the sorts of pricing levels they will be able to achieve.
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After Volkswagen (VW) printed the biggest corporate bond trade in its history the previous week, Volkswagen International Finance sold a six tranche dual-currency deal on Monday. While pricing on the dollar clips was commended by market participants, there were fewer compliments about the euro tranches, writes Nigel Owen.
