BNP Paribas
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European corporate bond markets have quickly shrugged off the uncertainty surrounding the UK election result and central bank meetings, and look set for a busy end to June.
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Enthusiasm for green and social bonds is mounting, and revisions to the Green Bond Principles (GBP) announced this week may give the market a further lift. Many of the same debates still exercise market participants as in the past, but they appear less daunted by these conundrums. -
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The revival of equity-linked issuance in Europe continued this week with three deals, all of the kind investors are looking for: from smaller companies with higher credit spreads and interesting equity stories.
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Remarkably supportive conditions in the euro market allowed some rare SSA names to pull off strong deals this week, including a debut in the currency and a return from a two year hiatus.
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Yapi Kredi raised $500m with a seven year senior bond on Wednesday, bringing the total of Turkish bank issuance so far this year to $5.3bn.
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BNP Paribas and Société Générale sold a chunk of their holding in Euronext, the European stock exchange operator, through an accelerated bookbuild on Tuesday night.
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Cassa Depositi e Prestiti sold its first syndicated bond in over two years on Wednesday, returning to capital markets at a time when Italy’s political future looks the rosiest it has for months.
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Swiss telecoms UPC Holding, a Liberty Global subsidiary, brought its second 12 year bond offering on Wednesday, the longest maturity sold in the European high yield market so far this year.
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Yapi Kredi hit screens on Wednesday with a new seven year note and will be hoping to capitalise on more positive economic indicators from Turkey, while offering some juice to overcome any investor fatigue around buying Turkish bank debt, according to a buy-side analyst.
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All the action in the SSA bond markets switched to euros on Wednesday morning with the US Federal Reserve's imminent decision on interest rates quieting the dollar market.
