BNP Paribas
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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.
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On Tuesday, Logicor, the largest provider of logistics property in Europe, made its debut in the euro corporate bond market. The €1.8bn three tranche deal is believed to be the largest debut trade by a real estate company in euros.
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Turkey hit screens on Wednesday, announcing a February 2026 euro benchmark, following up on its success in dollars in October.
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Indonesia Asahan Aluminium (Inalum) has mandated seven banks for a chunky $2.85bn bridge loan to support its acquisition of Freeport Indonesia, a mining company.
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Coca-Cola European Partners opened the European corporate bond market on Monday with its third visit to the market since the company was created in 2016. The €400m nine year bond was three times subscribed.
