BNP Paribas

Although oversubscribed, the first €3bn syndication from a public sector borrower since the European Central Bank began buying in the sector — a 0.2% April 2025 issue for the European Financial Stability Facility — has left bankers fretting over crowded-out investors deserting SSA debt in the single currency, writes Tessa Wilkie.

Three euro benchmark covered bonds were issued this week from borrowers in Belgium, Norway and the Netherlands. But it was the debut Dutch conditional pass through (CPT) structure from Van Lanschot Bankiers that proved the most interesting.

UK engineering group Smiths’ second euro bond was 2.3 times oversubscribed on Thursday. The issuer is a rare name in euros, and the deal was preceded by a three day roadshow.

German investment company JAB Holding has issued a €600m 10 year bond to refinance a term loan maturing in 2016, after securing a ratings upgrade from Standard & Poor’s.

FirstRand on Thursday printed a $500m bond with a spread of 100bp or less over the Republic of South Africa, with the order book for the deal having closed at $1.9bn.

BNP Paribas has made the next move in its merger of its high yield and leveraged finance operations, moving three people into new positions under Charlotte Conlan.

Elis, the French workwear and bed linen laundry company, priced an €800m bond on Wednesday, its first issue since its €750m Paris IPO in February, to refinance in full its senior secured and subordinated notes.

FirstRand has launched its $500m bond at with a spread of less than 100bp over the Republic of South Africa, with the order book for the deal having closed at $1.9bn.

Norwegian airport operator Avinor issued a €300m 10 year bond on Wednesday, but demand for the single-A, state-owned credit was lower than expected.

Korea Resources Corp (KoRes) has started receiving bids for a return dollar bond this week. The Korean borrower aims to raise $300-$500m from the new trade as it has an outstanding $300m bond that comes up for redemption next month.

Jingrui Holdings has returned to the dollar bond market this week, wooing investors with generous initial pricing for a three year bond. Although secondary Asian high yield bonds didn’t take a hit from the Kaisa defaults earlier this week, bankers on the deal hope Jingrui will benefit from the post-Kaisa quiet HY market.

Unrated French laboratory testing company Eurofins Scientific has issued a €300m hybrid bond without a roadshow. It was the company’s fourth hybrid bond issue.