BNP Paribas
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China’s Anhui Transportation Holding Group raised $350m on Thursday, navigating a weak market backdrop successfully and seeing orders of nearly $1.5bn.
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Dutch grid operator Stedin and French utility Suez offered investors more of the same when they tapped into what has been strong demand for longer dated corporate bonds on the same day, but found that appetite is starting to wane.
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The Nordic high yield market has started to price several top rated euro deals that were initially planned to roadshow before the summer break. This time, demand and coupons suggest this could be a better window for the issuers.
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Amadeus, the Spanish IT company that provides systems for the air travel industry, sold its fourth deal in as many consecutive years on Thursday. The new deal was its first multi-tranche offering and the eight year tranche was the longest the company had offered to date.
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Hong Kong IPO hopefuls rushed to file their draft prospectuses with the city’s bourse this week, as the window closes for a launch before the end of the year.
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Chinese gaming firm CMGE Technology Group is planning to list in Hong Kong, filing a draft prospectus with the city’s bourse on Tuesday.
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Two Chinese bond issuers found opposite responses to their green outings on Tuesday. While China General Nuclear Power Corp opted for a euro-denominated deal to target green dedicated funds in Europe, Beijing Capital Group found less traction with sustainability-focused investors for its dollar trade.
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China General Nuclear Power Corporation sold its second green bond in the euro market on Tuesday, nine months after its first success in the format. Last time the company sold green alongside five and 10 year conventional dollar bonds and this time it used a similar combination, replacing the 10 year dollar option with 30 year notes.
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Italian gas distributor 2i Rete Gas has dared to test the corporate bond market’s appetite for issuers from the country with a seven year trade. With its government budget on the horizon, some market participants said this deal could make or break the market for Italian issuance in 2018.
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Leo Paper Group, a Hong Kong-based printing services company, has signed a HK$350m ($45m) four year green term loan and revolving credit facility with seven banks, making it the first privately-held firm to complete such a transaction.
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It is high time that the famously conservative Japanese market started embracing new practices. There are signs that modernisation is afoot.
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The euro senior corporate market slowed right down over the summer, but the actual break in issuance was for barely two weeks. For hybrid deals, however, it was nearly seven weeks from the last new issue to Belgian electricity grid operator Elia’s deal this week.