BNP Paribas
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Expectations for a busy week in the investment grade corporate market were maintained despite only Telefonica taking advantage of good primary conditions on Monday, as it sold a benchmark nine year bond in euros. -
The euro market, despite an increasingly hawkish central bank and strengthening euro, is proving immensely popular with borrowers. A pair of sovereigns hit screens on Monday for euro trades, as did two Nordic agencies.
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India's Tata Steel has lined up a group of 21 lenders for an up to $2.16bn six year loan, which will be launched into primary syndication in a couple of weeks, said bankers close to the deal.
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Chinese issuers Peking University Founder Group, Bank of Communications Financial Leasing Co, Geely Automobile Holdings and Jinjiang International Holding are meeting investors this week ahead of planned dollar and euro bond sales.
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Tata Steel, Tunas Baru Lampung and State Bank of India are on the prowl for dollars as they kick off their annual fundraising activities.
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A $301m-equivalent five year refinancing for Trans Media Corpora has been launched into general syndication by five mandated lead arrangers and bookrunners.
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The euro market has, after a wobble in the first week, adjusted admirably to a new price level and got off to a spectacular start, providing record book sizes and smooth executions across the curve.
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German supermarket group REWE International has become the first company to launch a Schuldschein deal at benchmark size this year, a sign that German blue chips may be busy in the market this year.
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US private equity firm Lone Star sold a 9.9m block of shares in Spanish real estate developer Neinor Homes after the market closed of Wednesday, via an accelerated bookbuild that was “substantially “oversubscribed,” according to a banker involved.
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Ford Automotive Finance (China) is preparing for a Rmb4bn ($614m) deal in the onshore asset-backed securities market – the first by a foreign originator in 2018. But the carmaker is not in the mood for change in the New Year, sticking with the same format it printed in last August.
