BNP Paribas

Public sector borrowers are putting the final touches to their funding programmes for the year amid stable market conditions, but there are few signs that any will pre-fund for 2016 in large size.

Santander UK was set to take home €1bn of five year operating co senior debt after a swift execution on Wednesday, with its slim new issue premium boding well for borrowers looking to grab funding before year end.

Singaporean utility company SP PowerAssets made a rare outing to the dollar bond market on November 18, raising $700m from a tightly priced 10 year note.

TUS Holdings managed to raise $400m from its debut international bond this week, with anchor orders and private banks driving demand.

Allied Irish Banks revealed a 90bp jump in its fully-loaded common equity tier one ratio on Tuesday, and wasted no time in mandating banks for a highly anticipated tier two deal.

Asia’s debt market saw a busy Tuesday with a trio of issuers, SP PowerAssets, Stats ChipPac and TUS Holdings, venturing out for dollars.

US corporate bond issuance in Europe - so-called reverse Yankee bonds - has steadily regained strength this autumn and could be followed by issuers from elsewhere in the world selling euro bonds.

Korea Housing Finance Corp (KHFC) has returned to the offshore debt market with its first covered bond in more than two years, with strong demand allowing the issuer to achieve its pricing and diversification aims.

Touch-based technology provider General Interface Solutions, an affiliate of Foxconn Technology Group, has signed its latest loan at an increased size of $300m after general syndication saw 15 banks pile in.

International Airlines Group, the company that owns British Airways and Iberia, issued a highly successful €1bn convertible bond on Thursday, to refinance its acquisition of Aer Lingus, the Irish flag carrier.

BMW returned to the bond market on Tuesday, November 10, with a €1.25bn deal, its first issue since the Volkswagen emissions scandal made investors reassess their attitude to the car industry.

National Australia Bank printed a €750m seven year covered bond on Monday. But the deal didn’t fly off the shelf, even though it offered a substantial premium to other Australian covered bonds. The lack of European Central Bank repo eligibility and slackening demand in the seven year area was blamed.