BNP Paribas

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.

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.

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.

Rating: Aa3/A/A+

Chinese bank ICBC was forced to cancel its dual-tranche bond on Wednesday as a result of market conditions.

French toll road operator APRR had been quiet in 2018 by its own standards, but it sold its first corporate bond deal of the year on Wednesday with a €500m long 11 year trade. It paid a low new issue premium for the deal, but lost a number of orders along the way.

The Netherland’s AVR has signed a €100m sustainable credit facility, with the waste to energy company pushing out maturities to up to seven years.

Private equity firm Antin Infrastructure Partners has signed €673m of debt facilities to back its acquisition of French energy infrastructure and services company Idex.

Any hopes for a resurgence in risk appetite among bank debt investors are starting to look far fetched in the closing stages of 2018.

Cement maker Semen Indonesia has mandated five banks for a $1.282bn bridge loan to support its acquisition of the local unit of Swiss firm LafargeHolcim.

Bank of China returned to the bond market with a multi-tranche, multi-currency bond this week, making clear that its funding needs and its role as a flag-bearer of Chinese policy overseas are inextricably linked. Morgan Davis reports.

Duke Energy Corp became the latest US utility to issue green bonds last week, when it priced a $1bn dual tranche offering.