BNP Paribas
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Hongkong Electric has made a successful comeback to the bond market after an absence of more than five years. Thanks to its status as a premium and a rare credit, the company reeled in investors and priced the trade well inside fair value. -
BNP Paribas and S&P Dow Jones Indices (SPDJI) launched a new index focusing on what it calls the “new China” economic sectors. A-shares, which could be included later this year in the MSCI emerging markets indices, make up a quarter of the new benchmark.
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European Central Bank president Mario Draghi kept his powder dry at his latest monetary policy meeting on Thursday, sending eurozone government bond yields higher — something that is likely to be welcomed in the offices of the European Stability Mechanism.
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Vallourec’s €480m rescue rights issue is heading for a successful conclusion on Friday April 22, bankers working on it said this week.
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Italy’s Fondo Atlante became operational on Thursday morning, having been approved by Italian market regulator Consob and reached the threshold of raising €4bn from its backers. At the same time, the bookbuild has been launched for the IPO of Banca Popolare di Vicenza.
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Covered bond activity slowed this week with only three deals emerging, half the number seen in the prior week, with Canadian issuers at the fore.
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Several covered bond issuers have removed the swaps in their covered bond programmes in the face of onerous regulatory obligations. This has improved their funding efficiency and given investors a less risky, more transparent and potentially higher yielding product. Others should follow.
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Italy’s Fondo Atlante is now operational, having been approved by Italian market regulator Consob and reached the threshold of raising €4bn from its backers. At the same time, the bookbuild has been launched for the IPO of Banca Popolare di Vicenza.
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BOC Aviation has made a successful landing with a new 10 year bond in 144A format, shrugging off concerns over its ownership change after a planned IPO this year.
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Hongkong Electric is poised to end a five year absence from the dollar bond market after launching a 10 year offering on Thursday.
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BoC Aviation attracted a horde of investors to its first 10 year bond in 144A format ahead of a planned IPO in Hong Kong. While the proposed listing caused concern among some investors about the company's ownership, bankers on the deal say that the notes’ primary and secondary performance indicates they were in a minority. .
