BNP Paribas
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The expected deluge of high-grade issuance stumbled after a strong start as volatile market conditions sent issuers scampering to the sidelines. -
ING Belgium and Bawag received good receptions for their covered bonds issued this week, in contrast to less spectacular outcomes for deals from Westpac New Zealand and UniCredit.
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Coca-Cola made an impressive debut in Swiss francs on Tuesday with a three tranche deal that matched Shell’s August record-breaker in size.
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The holding company of French motorway operator Société des Autoroutes du Nord-Est de la France, Holding d’Infrastructures de Transport, printed a €200m tap on Tuesday as the primary market remained quiet.
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Stagecoach Group, the UK bus and train operator, filled the book for a £400m bond issue more than twice over on Monday, breathing life into a previously empty sterling market.
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Proximus, the new name for Belgian telecoms company Belgacom, issued a €500m no-grow bond on Monday, achieving a high oversubscription for the deal.
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Market conditions were far from conducive this week, but that didn’t stop nine issuers from raising a collective €7bn, which in several cases was done in spectacular style.
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Municipality Finance scored a series of firsts on Thursday with an instrument that is typically the preserve of the bank market — setting a path that leads on the deal believe others could follow.
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Investors could have their first chance in two months to buy tier two debt from a periphery bank as early as Friday, after Banca Popolare di Vicenza hired leads for a 10 year non-call five.
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Fosun Industrial, an entity owned by Chinese conglomerate Fosun, has hit the offshore syndicated loan market for a $700m three year borrowing.
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Indonesian oil and gas conglomerate Pertamina has picked three banks for a potential bond and is set to hit the road to meet investors.
