BNP Paribas

Violent volatility as bond investors adapted to a new rates landscape following the election of Donald Trump as US president quelled demand for public sector paper this week, with one issuer understood to have opted against bringing a planned deal. There is hope that calm will return in time for the January funding rush — but some fear the president-elect represents a continuous risk to market harmony.

The Schuldschein market is finishing its busiest year ever with the foot on the gas, with more than 20 deals in the market at once. Investor demand is not expected to dip as a result of the scrum, but some deals may not see brimming levels of oversubscription, according to bankers.

Warehouses De Pauw, the Belgian warehouse company controlled by the De Pauw family, has successfully raised €178m through an overnight capital increase to finance the acquisition of new warehouses in the Netherlands.

Donald Trump’s shock victory in the US presidential elections was no obstacle to Santander’s Chilean arm this week as the bank became the first issuer from the South American country to raise financing in Taiwan’s Formosa market, as well as pocketing Sfr125m ($125m) from a clutch of Swiss investors.

Abu Dhabi industrial investment company Senaat General Holding is refinancing a $500m revolving credit facility and reducing it to $400m, according to bankers close to the deal.

An unexpected change to China’s education policies that threatens to upend the business model of private schools has put a question mark over some of their Hong Kong IPOs.

Bank of Baroda has rolled out its $300m three year into general syndication with the help of four leads. Pricing is close to what State Bank of India, the country’s largest lender, paid for its last three year facility.

Hong Kong Broadband Network has wrapped up its latest syndicated loan, with 22 participants joining the four mandated lead arrangers and bookrunners.

Bank Nederlandse Gemeenten has fallen just shy of full subscription with its first ever dollar sustainability bond, as bankers lamented a volatile backdrop in one of the last clear funding windows of the year. GlobalCapital understands that choppy markets put off another borrower from issuing a dollar green bond.

Three corporate issuers pushed deals into a widening primary market on Wednesday with mixed results, as rates volatility kept new issue premiums elevated for borrowers.

Groupe SEB, the French maker of household appliances, issued its first convertible bond on Tuesday, raising €150m at a negative yield, as part of the financing for an acquisition.

As expected, the loans for the leveraged buyout of Polish auction website Allegro are tightly priced, with tenors of six and seven years for less than 400bp.