BNP Paribas
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Kia Motors Corp found nothing but clear roads in the bond market on Thursday, after a moment of traffic briefly delayed its $900m dual-tranche transaction. -
Just three months after Nestlé last extended its corporate bond curve, the Swiss food group is back in the market. On Friday it pushed its range of maturities even further.
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Dutch grid operator Stedin, formerly part of Eneco, was one of several issuers that met with investors before announcing deals this week. It had been discussing a sub-benchmark three year to five year floating rate note and a benchmark eight year fixed rate note, for what was essentially its bond market debut.
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French engineering services company doubled its initial launch size to just €450m, joining the growing proportion of Schuldschein deals closing over €200m. But, some question whether the growing number of larger companies accessing the German private placement market might affect funding chances for smaller SMEs
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Investors in public sector dollar deals have found themselves forced to accept brutally tight pricing as issuers drive in spreads to round off their funding programmes.
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Corporate bonds that are executed on Fridays are often brought then to give issuers some space in crowded markets, but in an otherwise quiet week French electricity grid operator Réseau de Transport d’Électricité had little competition for investor attention last Friday as it printed the longest dated deal of the week.
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Salini Impregilo, the Italian construction firm, printed new bonds with a coupon under 2% on Thursday, becoming only the third high yield borrower to duck under the hurdle this year.
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Kia Motors Corp is returning to the international bond market, opening books for a dual-tranche 144A/Reg transaction on Thursday morning.
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Italian telecoms firm Wind called on the high yield market on Wednesday, as it planned to refinance most of its debt with a dual currency five tranche offering, deploying 20 bookrunners in the process.
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Bahrain’s Oil and Gas Holding Company (Noga) had taken books of $2.6bn for its debut 10 year bond on Wednesday, while bankers debated the significance of the spread over the Bahraini sovereign.
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French car hire group Europcar opened the high yield bond primary market on Monday with new debt to fund the acquisition of Spanish peer Goldcar, demonstrating how little investors are worrying about the escalating crisis between Catalonia and Spain over the former's push for independence.
