BNP Paribas
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On Wednesday, US electrical appliance manufacturer Whirlpool became the second investment grade corporate borrower to pull a deal in a week. German energy company Innogy and Whirlpool both found the corporate bond market tough going on Wednesday, despite having employed two-day marketing strategies. Whirlpool, however, took the hardest hit. -
Antoine Porcheret, a senior equity derivatives strategist at BNP Paribas in London, has left the French bank.
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The European Investment Bank has printed a new Climate Awareness Bond — its sole euro green bond for 2018 — opting for an aggressive price and falling short of full subscription. A French agency will follow the supranational’s lead, mandating for a deal with the same tenor.
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UK waste management company Renewi has amended and extended its main bank debt to convert it into a €550m green loan, just months after bankers said this market was due to grow following the release of standardised guidelines.
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After the Whit Monday holiday in Europe, Deutsche Telekom boldly reopened the corporate bond market. Having seen compatriot Bertelsmann pull a deal on Thursday, Europe’s largest telecoms provider showed no fear when it sold a four-tranche offering.
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Telecoms company TDC fired the opening shot of a multi-billion funding package for its leveraged buyout this week, with some investors showing mixed feelings about such deals.
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UK property development company British Land has amended and extended its £735m unsecured revolving credit facility, reducing the size of its bank debt while pushing the maturity towards a quiet year on the company’s debt repayment schedule.
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Big moves in US Treasury yields, swap spreads and the euro/dollar and euro/sterling basis swaps put paid to some dollar issuance this week as some borrowers held back and others tapped different currencies. But a pair of Swedish names did get deals done, and rates started to move back into more favourable areas, suggesting volumes could pick up again next week.
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The euro market got off to a fine start this week as a supranational rarely seen in euros appeared at five years and a mainstay of the market pulled off another successful trade. But later in the week, cracks began to show.
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German chemicals company BASF found substantial demand for its second visit to the corporate bond market to fund its acquisition of Bayer’s seed business.
