BNP Paribas
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Asian bond issuers have finally decided to venture back into the market with a trio of investment grade names opening books to dollar deals. Export-Import Bank of China (Chexim), Shanghai Pudong Development Bank and Korea Development Bank are vying for attention in the first test of investor demand in three weeks. -
OSN, the Dubai-based subscription television company, has signed its second syndicated loan for $400m, which was twice oversubscribed.
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Telecoms company Telefonica was one of two Spanish corporates to tap the euro market on Monday. Gathering a solid order book despite a minimal new issue premium, Telefonica appeared unaffected by any concerns regarding upcoming elections in Spain.
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Sumitomo Mitsui Banking Corporation has splashed out in euros, raising €1bn with a private club deal, its largest bond in the currency.
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Bankers and funding officials this week might have been tempted to strap on a blindfold at points during the execution of the only dollar benchmark in a fortnight.
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Commerzbank, Caisse Francaise de Financement Local (Caffil) and Bayerische Landesbank (BayernLB) invigorated the long end of the covered bond market this week with 10 year deals, a duration which had not been seen for over four months.
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UniCredit Bank Austria (Baca) returned to the covered bond market on Tuesday to issue the first Austrian Pfandbrief since the country’s Financial Markets Authority (FMA) announced a debt moratorium on bonds issued by Heta Asset Resolution AG (HAR).
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Tractel is preparing to join a relatively quiet early September leveraged loan market with the launch of a €235m loan package next week.
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French hotel group Accor showed that demand is strong for even weaker investment grade credits on Thursday, drawing a rush of orders for a new eight year benchmark.
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Poland reopened the CEEMEA bond market this week after investors in search of safe havens pushed central Eastern European sovereign spreads tighter. Uncertainty over the timing of a US rate hike has left buyers wary of more typical EM names and left CEE sovereigns among the select few that could avoid paying heightened premiums.
