BNP Paribas
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With up to $50bn of additional tier one deals expected to hit the bond markets this year, bank funding teams are praying that this evolving but crucial asset class can settle down and help them meet their capital needs. -
Deutsche Bank and BNP Paribas took to the tier two market this week with 10 year bullet trades, with Deutsche opening up first on Monday. Both deals found a hearty investor reception, trading tighter than reoffer in a secondary market that was often weak.
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Publicis, the French advertising firm, has signed a $1.6bn loan with maturities of 2018, 2019 and 2020 and a margin of 60bp.
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Tyco Electronics and Tyco International baffled bankers this week by announcing mandates for euro bonds within days of each other.
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Smurfit Kappa Group, the Irish packaging group, priced a €250m 10 year high yield bond on Wednesday evening that found solid demand, after announcing higher earnings and revenue for 2014.
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Investors flocked to Industrial and Commercial Bank of China Luxembourg's three year floating rate note on February 5, having been enticed by a considerable new issue premium. While the $5bn order book was impressive, the transaction stands out more even more for being the first single tranche FRN out of Asia ex-Japan.
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Tentative allocations are out for Indonesian oil and gas company Pertamina’s five year fundraising. The loan has been closed at a size of $1.747bn, with the dozen banks at the top that prefunded the money managing to sell down as per expectations, said bankers close to the transaction.
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Two Indian state owned companies — Hindustan Petroleum Corp and Rural Electrification Corp — have managed to shave a collective 90bp off their latest fundraisings. The thinning in pricing comes as Indian assets remain in demand, with Japanese lenders focusing on the country as they try to contain lending to China.
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Telecommunication tower operator Solusi Tunas Pratama (STP) is looking to tap the offshore market for the first time, opening books to a $300m bond on February 12.
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UK oil company BP priced a €2.5bn bond on Wednesday, using a tried and tested eight and 12 year format, following the success of a €3.75bn deal by Norwegian rival Statoil on Tuesday. The deal was well received, getting €3bn of orders for each tranche.
