BNP Paribas
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Pacific Basin Shipping has proposed a rights issue to raise HK$1.2bn ($150.6m) as it sees the dry bulk shipping market bouncing back from one of its most difficult periods in over 30 years. -
Despite a growing pipeline, Panda bond issuance has been stymied by foreign exchange volatility and regulatory issues around auditing and remittance of proceeds. Market participants are working closely with China on the problems and expect regulators to address the accounting requirements in the coming months.
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Steinhoff International, the South African furniture maker and goods retailer that has been on an acquisition spree, raised €1.1bn on Thursday with a convertible bond that bucked the recent trend of deals that have struggled, partly because it was the kind of simple, traditional structure investors like.
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Another blistering week for euro issuance from public sector borrowers brought a dual tranche 20 and 50 year benchmark from the French government that other sovereigns could ape — but only if their liquidity strategy allows it, writes Craig McGlashan.
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Issuers stormed out of the blocks with a set of deals across the curve this week, with factors including an increase in swap spreads on the short end, a positive feeling towards the US market since Janet Yellen’s statements in March and the start of the Japanese fiscal year all credited.
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The primary covered bond market was active this week with as many as seven issuers raising more than €6bn, including the longest deal in over a year and a debut borrower in euros.
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Buzzi Unicem, the Italian cement and concrete group, is planning a European-targeted bond issue to tackle €510m of debt maturities this year.
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Appetite for Korea Resources Corp’s offshore outing on Monday was strong despite Moody’s recent decision to review its rating for a downgrade. Not only was the issuer able to increase the bond’s size to $500m but it also found a high quality order book.
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Malaysia's Maybank has priced its latest $400m five year bullet loan tightly at 95bp over dollar Libor, launching the deal into general syndication last week.
