BNP Paribas
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Swiss food and drinks company Nestlé tapped a fourth currency market in three months on Tuesday when it printed a £500m 3.5 year bond ahead of a sterling redemption. -
The three corporate bond issuers who sold new issues in euros on Tuesday offered something short, something intermediate and something long. The shorter tranches benefitted from the most interest.
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TCL Multimedia Technology Holdings, a Chinese consumer electronics company, is looking to add around HK$2bn ($256m) to its coffers by way of a rights issue, bringing on board BNP Paribas to fully underwrite the transaction.
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Ford Motor Credit Co, the financial services arm of US motor company Ford announced a dual tranche corporate bond deal on Monday comprising two floating rate notes.
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UK water utility Severn Trent sold a £250m five year corporate bond on Monday, building upon the positive tone in the sterling market from the previous week.
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China Education Group has started sounding out investors for a Hong Kong IPO of around $400m, laying the groundwork for bookbuilding to begin next week.
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China Education Group sought approval from the Hong Kong Stock Exchange on Friday for an IPO that is expected to raise around $400m, according to a source close to the deal.
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French toll road operator Holding d’Infrastructures de Transport paid a hefty premium last Friday as it sold a dual tranche bond to help refinance its March 2018 note. The Baa3 rated subsidiary of Spanish infrastructure company Abertis suffered from the uncertainty surrounding a takeover of its parent company.
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Once the unwavering bastion of eurozone strength, stable through an otherwise turbulent year, the German government managed to unsettle the euro market this week. The collapse of the German coalition talks at the weekend forced one SSA borrower to adjust its plans on the fly and was partly blamed for two borrowers’ failure to fill their order books. Lewis McLellan reports.
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Two of the three SSA euro syndications this week found the market tough going, relying on lead managers to fill orderbooks. Some SSA bankers lay the blame, in part, on the collapse in German government coalition talks at the weekend.
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