BNP Paribas
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A trio of issuers from Finland and Sweden raised €3.5bn of funding in the covered bond market this week with strong receptions and limited spread concessions.
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Another week, another couple of difficult Middle East deals for the CEEMEA market. Bahrain and International Bank of Qatar hit the sizes they wanted but found that pricing stuck stubbornly at initial price thoughts, with international investors beginning to close up shop for 2015.
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Réseau de Transport d’Électricité issued a benchmark 10 year bond on Thursday that grew to €1bn, as a French-driven order book for the bond hit €3.5bn.
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European Investment Bank has launched a rare, privately placed index linked Climate Awareness Bond, while World Bank is offering retail investors the chance to buy similarly structured green paper. -
Demand was so strong for an agency bond tap on Thursday that the leads had to ask the issuer to increase the deal, as SSA investors scrambled to get their hands on one of the last large issues of the year.
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Réseau de Transport d’Electricité issued a benchmark 10 year bond on Thursday that grew to €1bn, as a French-driven order book for the bond hit €3.5bn.
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Allied Irish Banks was in a generous mood on Thursday, launching its first tier two since the crisis at a much higher premium than rival bankers thought necessary.
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Asia’s nascent covered bond market welcomed Korea Housing Finance Corp’s first transaction in more than two years on November 12. Thanks to strong support from US and European investors, books built strongly and allowed the issuer to price inside its fair value.
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BNP Paribas moved beyond its capital raising plan for 2015 on Thursday as it launched its third tier two transaction of the year, bringing it close to fair value.
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BNP Paribas has appointed Rupert Lewis head of European bond syndicate.
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Groupe SEB, the unrated French domestic appliances manufacturer, pulled in a €2.5bn order book for a €500m no-grow bond on Wednesday.
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Bahrain took $1.5bn from a dual tranche deal this week. But despite the unusual size of each tranche and the lack of price tightening, rival bankers kept their knives sheathed in recognition of how difficult the Middle East market has become.
