BNP Paribas
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Online travel service provider Tongcheng-Elong Holdings is seeking up to $900m from a listing in Hong Kong, according to a source close to the transaction. -
Equity-linked investors got a second opportunity this week to buy new European paper when Soitec, the French maker of semiconductor materials, hit the market on Thursday with a €150m five year convertible bond.
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South Korea’s GS Caltex Corp had five times the demand for its $300m bond on Wednesday, allowing it to pull off an exceptional 30bp price tightening.
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The Schuldschein market will close the second quarter at a busier pace than it closed the first, as international borrowers begin to return to the market, perhaps spurred by rocky public markets.
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German pharmaceutical company Bayer delivered on its plans to raise more than €20bn in senior bonds with an eight tranche dollar deal on Monday and a four tranche euro transaction on Tuesday. The dollar deal was three times oversubscribed and the euro deal nearly 4.5 times.
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International Game Technology is readying its comeback to bond issuance, seeking funding for a partial tender offer for two 2020 euro notes. Europe’s primary high yield market was back in action, too, but investors warn renewed talk of trade war between the US and China could disrupt the market.
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BNP Paribas has made a raft of changes to its senior US team, including promoting Bob Hawley to chief executive of CIB Americas. The previous CEO, Jean-Yves Fillion, becomes chairman of CIB Americas and remains CEO of BNPP’s US intermediate holding company.
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With syndicated loan business thin on the ground in EMEA this year, E.On had no trouble achieving a 100% hit rate among its relationship banks, when syndicating the €5bn loan financing for its €20.42bn takeover of Innogy.
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Equity derivatives strategists are keeping their cool and see no need to switch strategies after the European Central Bank on Thursday held rates and declared December as the month quantitative easing would end.
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The Paris IPO of Delachaux Group, the French maker of railway equipment, has been called off after CVC agreed to sell its stake in the company to Caisse de dépôt et placement du Québec (CDPQ) for an undisclosed price.
