BNP Paribas

BNP Paribas has hired an associate for its southeast Asia loans team, GlobalCapital Asia understands.

The collapse of Afren, the once-proud London-listed oil exploration and production company with three bond issues to its name, is a shocking reminder of the risks investors face in emerging markets, and of how even some of the most sophisticated players in financial markets can get things drastically wrong.

BNP Paribas responded to investor demand for dollar paper with a $1.5bn additional tier one (AT1) this week, just two months after making its euro debut.

The AT1 market has come of age. In just over two years there is no longer a need for arduous investor education and perfect markets to sell the riskiest bank debt on offer.

German healthcare group Asklepios is marketing a Schuldschein loan for €250m, but this should grow much larger, according to a banker close to the deal.

BNP Paribas played it safe on Wednesday, printing its $1.5bn AT1 in US hours to avoid any potential fall-out from the China related sell-off.

VietinBank, one of the four largest state owned commercial lenders from Vietnam, is accessing the offshore syndicated loan market for the third time this year, via a $100m three year that is now in general syndication. The margin on the loan is below 200bp.

China's second currency devaluation in two days caused a sharp sell off in equities and bonds on Wednesday, keeping BNP Paribas from launching its debut dollar additional tier one (AT1).

European banks decamped to the dollar market this week as that in euros showed signs of seasonal slowness, Meanwhile, BNP Paribas’ debut dollar additional tier one (AT1) is being delayed by a China related sell off.

A $550m borrowing for Bank Rakyat Indonesia’s (BRI), which is due to be prefunded by a club of 11 banks, is expected to go into general syndication. Lenders are waiting for Bank Indonesia approval and are targeting signing by the end of August, with the first drawdown in the first week of September.

BNP Paribas is set to print its second additional tier one (AT1) trade just two months after its debut, after announcing plans for a dollar denominated sale on Monday.

One bank has sent out invitations for a $200m refinancing being raised by Indian travel company Cox & Kings, according to two sources.