BNP Paribas

Asia’s bond market suffered prolonged bouts of volatility in the first half of the year. Bankers, credit analysts and asset managers are trying to shake off the disappointments in both the primary and secondary markets, but the signs are not good. Addison Gong reports.

A French agency hit the short end of the euro market on Wednesday in what is likely the final SSA euro benchmark ahead of the European Central Bank’s meeting on Thursday.

Bank of China’s Luxembourg branch has signed a $1.05bn syndicated loan after launching the deal at half that amount in the latest display of lenders scrambling to allocate funds.

Sweden’s Lundin Petroleum has slashed 90bp off the margin of its $5bn reserves-based lending facility, as borrowers continue to heap pressure on lenders over pricing.

Austrian oil and gas company OMV sold the first corporate hybrid deal in four weeks on Tuesday when it sold a €500m perpetual bond with a non-call six year structure which was more than three times subscribed.

Several issuers took new deals on the road in the second half of May and early June, but have struggled to find a window to execute their deals after the roadshows were completed. Recruitment firm Manpower met investors from June 6 to June 8 before selling its deal on Tuesday.

Allocations for a €3.025bn acquisition loan from Czech investment fund PPF Group are due in the next few days, according to a lead.

BNP Paribas’s Singapore chief executive officer is relocating to the US to take up a new position within the bank, according to sources.

E.On has closed syndication of the €5bn loan financing for its €20.42bn takeover of Innogy, as part of the complex three-way deal between those two companies and RWE, which will reposition E.On as a distribution and supply company and RWE as a generator.

Medical diagnostics firm Unilabs launched a benchmark size extension of its loan debt on Monday, as a range of investors clamour for paper despite issuance volumes running ahead of last year’s record pace.

The tone in Europe’s corporate bond new issue market continued to strengthen on Thursday, as two issuers came to market and achieved strong sales, despite a wider market that worsened during the day.

Nomura has hired a veteran BNP Paribas banker to lead its recently combined FX and emerging markets divisions in London.