BNP Paribas
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BNP Paribas has hired a senior German coverage banker from Commerzbank. -
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.
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Japanese pharmaceuticals company Takeda implemented the first part of its financing of a £46bn takeover of UK biotech firm Shire on Thursday. The company used a six tranche combination to raise €7.5bn on its debut in the euro market.
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Chinese bank ICBC was forced to cancel its dual-tranche bond on Wednesday as a result of market conditions.
