BNP Paribas
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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.
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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.
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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.
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One bank has sent out invitations for a $200m refinancing being raised by Indian travel company Cox & Kings, according to two sources.
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Cinven has mandated three banks to arrange a leveraged loan financing for its acquisition of Tractel, the French provider of equipment for working at height.
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Second quarter numbers for the big French banks tell the tale of two divergent markets – equities, which has had a buoyant quarter on the back of volatility, especially in Asia, and fixed income, which has languished as credit markets caught fright.
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German cable company Tele Columbus is allocating a €435m leveraged loan that backs its acquisition of rival Primacom, setting out its ambitions for consolidation in the sector.
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Pricing has been widened on the £300m sterling cov-lite loan backing Clayton, Dubilier & Rice’s acquisition of Motor Fuel Group, the UK petrol station forecourt operator.
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BNPP Paribas made redundant another banker in its CEEMEA DCM team.
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Lufthansa succeeded on the third attempt at its debut hybrid deal on Tuesday, shrugging off any fears of sleepy summer markets by gathering a more than three times subscribed book for the trade.
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Chinese banks now hold four of the top five spots in SNL Financial’s ranking of the world’s largest banks, while Europe’s global footprint is shrinking.
