BNP Paribas
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After Volkswagen printed the biggest trade in its history the previous week, the company’s International Finance arm sold a six tranche dual-currency deal on Monday. In total, the company raised more than €14bn equivalent in a week. -
Spain’s Red Electrica Corporation has signed the first ever syndicated loan on a blockchain, though some loans officials away from the deal question how useful the technology will be in its goal of reducing transaction times.
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The European Financial Stability Facility finished off its 2018 issuance this week with what was likely the last jumbo euro benchmark of the year. The deal was solid, but SSA bankers warned the euro market feels “tired”.
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Volkswagen printed the biggest trade in its history as high-grade corporate borrowers blitzed the dollar market in response to the results of the US mid-term elections.
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Two emerging market (EM) sovereigns hit the euro market this week: one debuting and the other returning after a year-long absence. Both deals met with warm receptions, giving some credibility to the notion that euro investors will be happy to stay in EM deals even as quantitative easing (QE) winds up and rates climb.
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BNP Paribas, Crédit Agricole and Société Générale are making plans for the eventuality of a hard Brexit, in some cases putting swathes of bankers at risk of redundancy. Some DCM and sales teams have been asked to move, though each bank is taking a different approach as to who will need to be relocated to comply with EU regulations.
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The State of North Rhine-Westphalia rounded out the week’s euro issuance with an oversubscribed 10 year euro deal that was priced 1bp inside guidance.
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Turkey’s first euro benchmark in four years hit the market on Wednesday, raising €1.5bn with a February 2026 deal before being hit by a sell-off.
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State-owned mining company Indonesia Asahan Aluminium (Inalum) closed a $4bn bond this week, letting loans bankers off the hook from a planned bridge facility. Addison Gong reports.
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Zhejiang Geely Holding Group Co raised $250m from an opportunistic deal on Wednesday, marking the first time the Geely parent company has sold a dollar bond.
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BNP Paribas has told between 80 and 90 London-based people in its global markets division that they may need to relocate to the EU in the event of a hard Brexit.
