BNP Paribas
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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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Two leveraged loan deals in the market this week, for Tele Columbus and PlusServer, have both had their margins tightened by 25bp, suggesting that market participants who predicted early this week that spreads were going to start widening had spoken too soon.
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The dollar tranche of Ülker’s second loan of the year has been priced 20bp tighter than on its first loan of 2017, suggesting the market is swinging in Turkish borrowers’ favour as political noise in the country quietens down.
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Yankuang Group Company has become the only issuer from Asia ex-Japan to venture into the dollar market on Thursday, a US holiday for Thanksgiving. But many other Chinese issuers are waiting in the wings, with a flurry of mandates announced.
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BNP Paribas has made a round of promotions in its corporate financing and coverage operations, following the creation of a new role for Bruno Tassart.
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Bpifrance on Wednesday became the second euro borrower to fail this week to reach full subscription, selling a €500m deal from a book of around €425m.
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Unédic completed its funding programme for 2017 with a seven year benchmark on Tuesday, selling into a market eager for French paper. Bpifrance will look to capitalise on the same appetite after mandating for a Wednesday deal.
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Four new investment grade corporate bond issues in euros and one in sterling ensured European investors were much busier on Tuesday than they had been on Monday.
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The year-end bond rush is upon us, with a number of issuers from China, India and South Korea mandating banks on Tuesday for their planned dollar bonds.
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The Financial Stability Board (FSB) made seven changes to its list of global systemically important banks (G-SIBs) on Monday, lowering capital requirements for BNP Paribas and Credit Suisse and removing Groupe BPCE from the list entirely.
