BNP Paribas

Toyota Motor Finance (China) has sealed a Rmb3bn ($452.7m) transaction in the Chinese asset-backed securities market — its second deal in the country this year. While the trade was wrapped up successfully, the issuer’s efforts to woo Bond Connect investors appeared to have been in vain, said sources.

French toll road operator Holding d'Infrastructures de Transport paid a hefty premium on Friday as it sold a dual tranche bond to help refinance its March 2018 note.

Two companies made their investment grade bow on Thursday as an improvement in sentiment encouraged borrowers to capitalise on decent conditions and wrap up funding in the final weeks of the year.

A €30bn debt exchange by Greece’s Public Debt Management Agency began on Wednesday and should help the sovereign boost the liquidity in the long end of its curve, said SSA bankers. But some warned that liquidity cuts two ways, meaning the sovereign’s levels could be more sensitive to any bad news that comes its way — although those working on the deal feel the upside far outweighs that risk, writes Craig McGlashan.

Rating: Aaa/AAA

World Bank capped off a series of 10 year dollar benchmarks from SSA issuers, on Tuesday, with the tightest spread to mid-swaps and US Treasuries in the tenor for at least two years. But further benchmark issuance in the currency — other than a rumoured Canadian deal — is unlikely, with issuers well-funded and investors winding down for the year.

In a very busy week in Europe's corporate bond market, with added noise from secondary market volatility, several issues were nevertheless priced quietly and efficiently.

The supply of hybrid bonds continued this week, with an additional feature — both hybrids sold this week were certified as green bonds.

Single digit new issue premiums had survived the secondary market weakness in corporate bonds of the previous few days, but on Wednesday Vodafone had to pay up as it sold a three tranche deal significantly wide of where its existing bonds were trading.

Danish power company Ørsted has wasted no time in issuing under its new name after leaving the Dong Energy brand behind earlier in November. On Thursday the issuer sold a green hybrid and a green senior bond, as well as announcing a tender offer for its shorter dated bonds.

Elis, the French laundry group, has raised €600m from 12 banks, in part to pay off the bridge facility it used to acquire UK rival Berendsen in the summer.

BNP Paribas came to the market on Thursday with a benchmark long 10 year senior non-preferred bond, its second deal in the format in eight days.