BNP Paribas
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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. -
The Export-Import Bank of Korea (Kexim) timed its first outing to the offshore bond market after a sovereign rating upgrade perfectly. This time around, the Korean policy bank kept money on the table to woo US investors rather than relying on strong onshore demand to be aggressive with pricing.
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BNP Paribas’ former co-head of fixed income has resurfaced at New York headquartered M&A advisory shop Foros as a senior advisor.
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The cancellation of the IPO of EDF Luminus, a Belgian subsidiary of Électricité de France, was caused by the Belgian shareholders’ unhappiness with the price available from a flotation.
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FCE Bank, the UK-based European financing arm of Ford, picked its timing to perfection for its fourth bond issue of the year, on Monday.
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Investec Bank signed its third and fourth syndicated loans of the year last Friday, and held a bank meeting this week for its fifth loan. The bank plans to stick to smaller, more regular loans in a volatile environment for emerging markets.
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BNP Paribas outdid its fixed income and equity peers during the third quarter of the year, as revenues in its corporate and institutional banking division grew 4.2% year on year to €2.62bn.
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China State Construction Engineering Corp has picked seven banks to arrange a roadshow ahead of its return to the offshore debt market.
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The Export-Import Bank of Korea (Kexim) is testing investors’ appetite for a dollar bond, its first since receiving a credit boost from Standard & Poor’s in September.
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Another IPO fell by the wayside on Monday when Electricité de France and other shareholders decided not to proceed with floating EDF Luminus, which claims to be “the number one challenger in the Belgian energy market”.
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Autoroutes Paris-Rhin-Rhône, the French motorways group, won a €4.9bn order book for a €500m eight year no-grow bond issue on Thursday, as investors returned in force to the primary market.
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Three issuers launched covered bond benchmarks in euros this week, down from nine in the previous week, as borrowers anticipated an improvement in market conditions and lower new issue concessions.
