BNP Paribas
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Investors flocked to Korea Western Power Co’s (Kowepo) $300m bond issuance on Thursday, finding a safe haven in the government supported credit. -
Midea Real Estate Holding filed for an IPO in Hong Kong on Thursday that could raise upwards of $1bn, according to a banker on the deal.
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Hera, the Italian utility, has signed a green revolving credit facility, laying claim to bringing the first such deal from the country, amid a wave of environmentally conscious loans spearheaded by southern Europe.
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General Motors’ Shanghai-based joint venture is gearing up for its biggest securitization transaction in China. The Rmb10.4bn ($1.62bn) notes will be up for grabs not only for onshore investors, but also those tapping the market via Bond Connect.
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French car company Groupe PSA has amended its €3bn revolving credit facility, stretching out the maturity out by five years.
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HSBC has hired a banker from BNP Paribas for its public sector origination team.
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The political manoeuvrings in Italy’s path to being governed — as well as poor eurozone economic data — played havoc with rates this week, leading to SSA deals either paying higher new issue concessions, or falling short of subscription. More volatility could come, after the country’s president approved the likely coalition partners’ choice of prime minister but held back from appointing a eurosceptic economist to take charge of the country’s economy. Craig McGlashan reports.
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Frozen bakery supplier Aryzta’s shares fell by as much as 30% on Thursday as it issued a profit warning that full year Ebitda was expected to be 9%-12% lower than guidance released in January. This is a cause for concern for Schuldschein lenders endeavouring to rid the market of the stench left by Carillion and Steinhoff.
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After the Whit Monday holiday in Europe, Deutsche Telekom boldly re-opened 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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American household appliance manufacturer Whirlpool took the brunt of the damage from the volatility in the corporate bond market this week as it had to pull a deal just as investors were waiting for a final update. But it might not be the last issuer to struggle in the European investment grade corporate bond market, writes Nigel Owen.
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Israel Chemicals navigated a difficult market, which saw a pulled investment grade deal, to print a rare 20 year bond combined with a buy-back.
