BNP Paribas
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There was a cheerful mood in European equity capital markets throughout September, despite clear risks of volatility on the horizon and the IPO of Telxius falling into difficulty. The health of the market was highlighted this week by the success of a €2.5bn capital raising by Steinhoff, the South African retail group. -
After German utility company ENBW struggled to offload a $300m hybrid in a choppy market on Monday, the issuer returned with a bang in euros on Wednesday, and was quickly followed by a dual trancher from French energy provider Total on Thursday.
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The sterling market's strength was on full display this week, with £1.1bn in new investment grade deals heading into investor pockets — a good sign that supply may be able to replace the BoE’s intended £10bn in purchases.
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The Asian Development Bank on Thursday sold the tightest priced SSA dollar benchmark of the year, as SNCF Réseau got off to a flying start with its first ever issue in the currency.
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The European Investment Bank has pushed the green bond curve out to the unprecedented length of 21 years with a new issue on Wednesday.
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Agence France Trésor tapped into strong pent-up demand to draw a bumper book and print its largest inflation linked benchmark since the 2008 financial crisis — despite offering just a few basis points of new issue premium.
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The euro corporate hybrid market reopened on Wednesday as Energie Baden-Wuerttemberg sold the second leg of its intended two currency deal, the first part of which was said by onlookers to have been subject to poor market conditions early in the week.
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The dollar market for SSAs is set to spark into life on Thursday, with one issuer lining up a debut deal in the currency and another attempting to print at the lowest spread to mid-swaps this year.
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Indra Sistemas, the Spanish software company, joined this week’s flurry of convertible bond deals on Wednesday, by launching a buy-back and new issue, rather like Crédit Agricole had done the day before with its exchangeable into Eurazeo shares.
