BNP Paribas

Covered bond specialists are eager to find out whether the European Central Bank’s lower than expected participation in recent covered bond issues is part of a long term plan or is merely a short term reaction to other events.

The Kingdom of Bahrain has announced the only new CEEMEA bond mandate of the week so far, looking for a multi-tranche benchmark deal to follow its storming last foray into the international bond markets in September.

Asia’s dollar bond issuers were back in the market on Thursday after taking a pause during the US Federal Open Market Committee meeting this week.

Details have emerged on £1.5bn of underwritten loans for the UK’s Phoenix Group, as the life assurance fund consolidator moves closer to its £3.24bn cash and shares purchase of Standard Life Aberdeen’s insurance arm.

Thailand’s Ratchaburi Electricity Generating Holding Public Co (Ratch) made a rare appearance in the debt market on Tuesday, raising $300m at a tight price thanks to its scarcity appeal.

Glencore, the Swiss commodities trading and mining company, has breathed some life into Europe's equity-linked market with a $500m equity-neutral convertible bond due in 2025.

Virgin Media raised £300m from a receivables financing note this week, a deal that despite being more complex than normal high yield bonds, was liked by fund managers.

French institutional investors, who dominate the Euro private placement market, are expecting a rise in issuance soon after the European Central Bank withdraws from buying corporate bonds. They expect their pitch to issuers will be that much sweeter as yields in the bond and Schuldschein markets rise.

UK property company Hammerson has signed a new £1.5bn three year revolving credit facility, bringing in a dozen banks for a financing aimed at slashing the funding costs of its acquisition target, Intu.

Shinhan Bank was forced to pay a new issue premium (NIP) to complete its Basel III-compliant tier two deal on Monday, like most other issuers in recent weeks. But the South Korean borrower still managed to price its bond tighter than expected.

Funding for leveraged buyouts in the European primary high yield market gained further share of overall issuance this week, as specialty car parts maker LKQ of Chicago sold a €1bn bond for its acquisition of German peer Stahlgruber.

Two new SRI corporate bonds were priced on Monday, but with very different results. Iberdrola’s green hybrid bond failed to tighten from initial price thoughts, while Danone’s debut social bond had to pay just 2bp of premium.