BNP Paribas

Chinese technology giant Huawei postponed its debut euro bond late on Wednesday after final terms had been released, following news of a US investigation into whether the company had violated sanctions against Iran. While Huawei had enough support to go ahead with its transaction, it put the deal on the back burner to maintain its standing with investors, said bankers. Morgan Davis reports.

The benchmark US Treasury 10 year yield moved through the 3% level this week, creating what some say was unnecessary panic in the market. That was clearly reflected in the dollar bond issuance in Asia, with some borrowers ploughing ahead with well-received 10 year transactions and others ditching the tenor altogether. Addison Gong reports.

Karen Pang, an equity-linked banker based in Hong Kong, has left BNP Paribas for a new role in Deutsche Bank, according to two sources with knowledge of the move.

Kommunalbanken priced a three year dollar benchmark flat to its secondary market curve on Wednesday, picking up $1bn at a punchy spread.

Chinese technology equipment company Hauwai dropped a planned dollar tranche on its latest visit to the corporate bond marker and chose to issue its first bond in euros. This did, however, mean the company opted for a five year maturity, rather than the 10 year tenor it had marketed for the dollar bond.

More than €3.5bn of high yield bond deals in euros, sterling and dollars were scheduled to close this week. Although some bankers described the pipeline as “crowded”, they expected market digestion to be ‘healthy’ ahead of quieter times.

Kommunalbanken has circulated initial price thoughts of 5bp area over mid-swaps for a no-grow $1bn three year benchmark, a level that bankers away from the trade said was 'well priced'.

Leads set price ranges in two African IPOs this week, which are coming to market against a backdrop of rising investor interest in Africa.

French retailer Fnac Darty has amended and extended €600m of bank debt, with the company saying that a strengthened business model helped it cut the cost of its loan facilities.

A repricing in the Indonesian high yield dollar bond market on Monday took a toll on property company Bumi Serpong Damai (BSD), which had to navigate numerous hurdles to push a $250m deal over the finish line.

Bookrunners revealed more than €3bn of new speculative grade deals from seven issuers in the European high yield market this week. Coupons are slowly widening in the primary market, but they are still hitting issuers’ pricing targets, said market participants.

Two corporate issuers are meeting investors for euro denominated bonds this week as the corporate funding season gathers pace.