BNP Paribas

BNP Paribas began meeting investors on Monday for its long awaited additional tier one debut, which is likely to be the first benchmark euro supply the market has seen since mid-February.

Anhui Transportation Holding Group (Anhui Transport) has become the latest Chinese provincial state-owned enterprise (SOE) to make a debut in the offshore bond market. Buoyed by the issuer’s dominant position as a toll road and public transport operator, the three year deal was a hit with investors.

The Egyptian sovereign, although beset by economic and political challenges, still drew hundreds of investors into a $1.5bn 10 year bond on Thursday — marking a triumphant return to the public bond market after a five year absence.

The Gabonese Republic and MFB Hungarian Development Bank have little in common, other than being the best prospects to break the Middle East’s dominance of the CEEMEA benchmark market.

Leveraged finance investors have claimed a victory against borrowers by forcing Valeo Foods to back down on aggressive transferability restrictions that pushed their patience too far in an already hot market, Ross Lancaster reports.

CMA CGM, the French container shipping company, has ditched the dollar tranche from its planned €715m-equivalent high yield bond issue and just raised €550m in euros.

Debut borrower Beijing Construction Engineering Group (BCEG) came to the offshore bond market for the first time on June 3 as it looked to take full advantage of strong feedback it garnered during a roadshow. Despite the packed pipeline on that day, the Chinese borrower fetched $500m on the back of solid demand.

Investors piled into the first offshore renminbi bond from Lenovo Group, keen to get their hands on some rare corporate supply. The strong response allowed the borrower to upsize the five year offering to Rmb4bn ($645m), equalling the record for the largest corporate dim sum bond.

Bharti Airtel showed that scoring a huge order book is not necessary for a deal to be deemed a success. Its $1bn trade attracted just double that in bids, but Bharti still managed to achieve its tightest ever spread, with the bonds also trading well in the aftermarket.

Hindustan Petroleum Corp’s (HPCL) $400m 39 month facility has been allocated, with seven lenders joining in general syndication. When the loan was launched, market participants saw it as a litmus test for retail demand for three year state owned Indian assets. But while the deal got over the finish line, bankers on the loan said the response was tepid.

Argentine government-linked issuers are eking out some level of market access despite the sovereign being in default, with the Province of Buenos Aires the latest to tap international bond investors.

MFB Hungarian Development Bank (MFB) has mandated for its first euro deal in four years, and kicks off investor meetings next week.