BNP Paribas
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BNP Paribas said on Thursday that it had hired Paul Hollingsworth as UK economist. -
Banks have been hiring staff to help financial sponsors hunt jumbo take-private deals as opportunities dry up elsewhere, writes David Rothnie.
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Two corporate bond issuers from opposite ends of the ratings spectrum found similar success with new bonds on Wednesday. The seven and eight year tenors found favour with investors looking to put new cash inflows to work.
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Beverage company Rémy Cointreau has signed a €100m syndicated loan, with a pricing structure that could see the margin on the debt plunge by more than 70% if certain conditions are met.
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Lietuvos Energija on Tuesday made full use of its green credentials to price a €300m bond with a much smaller new issue concession than has been seen on the majority of recent new issues.
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Dutch residential property company Vesteda offered euro corporate bond investors the first deal of July on Tuesday when it sold a €500m eight year trade to help refinance its acquisition of the Amstel Tower apartment block in Amsterdam.
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Car manufacturer Toyota’s Australian finance arm ended a 14 year hiatus from issuing bonds in sterling when it sold the first sterling corporate bond of the second half of 2018. The return of such an issuer will help fuel optimism that issuance in the currency in the second half of the year may help to redress the balance after one of the lowest volumes of first half issuance in the last decade.
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Lietuvos Energija, a quasi-sovereign utility company that is fully owned by the government of Lithuania, was on track this week to price its second green bond. The deal will also mark the first trade from central and eastern Europe in over two weeks and offers an over 100bp pick up over the sovereign.
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Asia’s G3 bond market has been defined by volatility this year, forcing bankers, investors and issuers alike to think on their feet during the first half of 2018. As banks fight to stay on top of the limited primary market activity, the region’s league tables have been disrupted.
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French car parts distributor Autodis announced an add-on of its only floating rate bond on Monday, amid higher average high yield funding costs but with investors confident that the market can cope.
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Two borrowers, Marlink and Iris Software, offered a string of new medium sized leveraged loans this week, following the recent launch of some highly anticipated jumbo deals that sources say have helped renew investor interest in the European market.
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