BNP Paribas
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The International Development Association wowed on-looking SSA bankers with its debut bond issue on Tuesday, with some saying it printed in line with sister issuer World Bank (International Bank for Reconstruction and Development). The borrower opted for dollars with its first trade, but is likely to be a regular name in the currencies making up the IMF’s special drawing right basket. -
Bain Capital has begun pre-marketing for the Paris IPO of Autodis Group, the French distributor of spare vehicle parts, which it bought in October 2015.
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Turkish real estate developer Ronesans Gayrimenkul Yatirim has set the tenor on its benchmark dollar bond at five years, and is expecting to print the note “as early as tomorrow”.
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German residential property company Grand City Properties brought its third corporate bond deal of 2018 to the market on Tuesday, while the return of seed company Syngenta with a jumbo multi-tranche deal neared.
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The International Development Association, part of the World Bank Group, is on screens with its debut bond issue. The trade is offering a handful of basis points over seasoned World Bank Group issuer the International Bank for Reconstruction and Development (known as World Bank), according to bankers away from the mandate.
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French shopping centre operator Unibail-Rodamco said in December it planned to sell around €2bn of bonds to refinance the bridge loan it has taken on to fund its $15.7bn acquisition of its Australian peer Westfield Corp. On Monday, it brought the deal to market and received reassuring demand.
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German building materials company HeidelbergCement sold its first trade of 2018, replicating its last deal of 2017. It also priced the new deal at a spread close to that it paid in 2017.
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FirstRand Bank was on track to open the market for South African tier two issuance ahead of Barclays Africa, which is lining up a trade for later this week.
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Financial institutions piled into the euro market with green bonds this week, but the contrasting fortunes of each of the new deals raised a number of questions about whether or not green was still the safest game in town, writes Tyler Davies.
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A decent start to the week gave way to caution as escalating geopolitical concerns slammed the brakes on US high-grade dollar supply.
