BNP Paribas

FIG bankers are expecting some issuers to bring forward plans to print tier two early next year as investors show they are ready to take on higher beta paper.

Simon Property Group, the US property company that is the world’s largest real estate investment trust, launched a benchmark seven year euro bond this morning, its first issue in the currency for over two years.

Bahrain has picked banks for investor meetings ahead of a dollar bond deal and starts investor meetings this week.

India’s Jindal Steel & Power is understood to have asked banks to relax a covenant on a $400m borrowing sealed in April 2013.

French motorway operator Sanef issued a €600m 10 year bond on Friday, in the style of this week in the European corporate bond market: with a massive order book and single digit new issue premium.

Industrial and Commercial Bank of China New York has wrapped up its second offshore bond, sealing $1bn on November 5. But while Asian interest was strong, the issuer’s aggressive pricing tactic meant demand from US investors was lacklustre.

Snam, the Italian natural gas transmission company, priced a €750m eight year bond on Tuesday, its first issue since it was added to the list of bonds that the European Central Bank will buy as part of its public sector bond purchase programme, or quantitative easing.

Société Foncière Lyonnaise (SFL) brought a €500m seven year offering to market on Thursday, bagging an order book over €3.5bn.

BNP Paribas defied the gloom that characterised the third quarter investment banking revenues reported by its French peers over the last week, all of which posted revenue falls in their investment banking divisions.

BorgWarner, the US car engine and drivetrain maker, furthered the return of reverse Yankee bonds to Europe's corporate market on Monday, by issuing a €500m seven year no-grow deal.

Bankers are expecting the Financial Stability Board (FSB) to loosen up its final total loss-absorbing capacity (TLAC) rule, set to be published on Monday, after the Federal Reserve published its own draft consultation of the rule last week.

David Spegel has joined ICBC Standard Bank as head of global EM strategy.