BNP Paribas

Public sector issuers “can do whatever they want” in a rampant dollar market, with investors ploughing into books despite deals pricing close to or flat to their curves.

The European Financial Stability Facility has sent requests for proposals for a trade next week, as a pair of rare issuers on Wednesday placed deals flat to or through fair value in a euro market buoyed by Emmanuel Macron’s election as French president last weekend. Longer dated trades — of which the EFSF has sold several this year — also look to be back on the table for borrowers.

BNP Paribas and Goldman Sachs capitalised on attracting funding conditions for total loss-absorbing capacity (TLAC) eligible senior trades on Wednesday, following a recent fall in the level of new issue premiums.

The victory of Emmanuel Macron in France's presidential election opens wide the window between now and the UK general election for IPOs to be done. The block trades market is also strong, with several large deals completed so far this week.

Public sector borrowers are rushing back into dollars after a quiet few weeks for the currency, with a trio of issuers taking indications of interest for Wednesday business.

Dutch biotechnology firm Qiagen has launched a tightly priced €150m dual currency Schuldschein, as investors treat it as a German issuer.

Bpifrance Financement broke its size record on Tuesday, nipping back into capital markets ahead of several of its compatriots, according to a funding official at the issuer. The European Investment Bank (EIB) and NRW.Bank also made the most of the stable conditions, printing their own benchmarks.

South Korea’s Woori Bank sneaked into the debt market on Monday with a $500m Basel III additional tier one, timing its deal for the day before the country held its presidential election.

Hospital operator Ameos has scheduled a bank meeting for Wednesday morning for a €510m loan refinancing, as banks scramble for deals.

Aubrey Simpson-Orlebar has joined Tim Metzgen’s corporate debt advisory team at Marlborough Partners as a senior advisor.

Three public sector borrowers hit screens on Monday, mandating in a euro market buoyed by the defeat of National Front candidate Marine Le Pen in the final round of the French presidential election on Sunday.

Landesbank Baden-Württemberg (LBBW) has become the latest bank from Europe to sell a Singapore dollar-denominated bank capital deal. Its Basel III tier two was 5.5x covered, and like its peers, the issuer managed to save on funding costs compared to its home currency, reckon bankers.