BNP Paribas
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Spanish gas distribution company, NorteGas Energía Distribución, was the only investment grade corporate bond issuer in the euro market on Thursday. Its debut deal was a €1.3bn five year and 10 year dual tranche offering. -
ICICI Lombard General Insurance Co has priced its Rp57bn ($884m) IPO at the top of the range, after strong institutional investor support made books nearly three times subscribed.
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German Asklepios Kliniken launched a €300m triple tranche Schuldschein on Wednesday, with pricing that could tempt a wide variety of lenders.
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In September, a number of issuers have returned to the European corporate bond markets after a number of years without issuing. On Wednesday, German chemicals distributor, Brenntag, Australian property company Goodman, and Austrian steel company, Voestalpine, were the latest to join that list.
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BNP Paribas has become the seventeenth clearing member of OTC Clearing Hong Kong, the clearing subsidiary of Hong Kong Exchanges (HKEX).
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Former Deutsche Bank trader Neehal Shah will join BNP Paribas as the global head of G10 FX trading.
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On Tuesday, Gecina, the French property company, printed a successful €700m long 10 year bond, having sold €1.5bn of bonds as recently as the end of June to help fund its acquisition of Eurosic.
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ICICI Lombard General Insurance Co closed books for its IPO on Tuesday, with the Rp57bn ($886.4m) trade more than 250% subscribed.
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September has seen a variety of issuers access the corporate bond market. From regular issuers to those who have not issued for over a decade, the consistent theme has been single digit new issue premiums for what one syndicate manager described as “manageable deal sizes.” Monday saw new issues in a similar vein.
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SMCP, the French fashion group, has filed a document de base with AMF, the French market regulator, paving the way for its flotation on Euronext Paris.
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Chinese steel company Shougang Group Co has mandated banks to lead a roadshow this week ahead of a proposed dollar bond.
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Pirelli, the Italian tyre maker, has revealed the price range for its IPO in Milan, which could surpass the €3bn flotation of Allied Irish Banks in June as the biggest IPO in Europe this year - if the deal is priced near the top of the range and the greenshoe is exercised.
