BNP Paribas
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European corporate bond bankers were delighted with the market reaction to the European Central Bank’s announcement on Thursday of a bond buying programme of at least €1.08tr, much bigger than expected. And the fact that corporate bonds appear to have been left out of the programme, for now at least, did nothing to dampen their spirits. -
Five covered bond borrowers issued benchmark deals in the first half of this week, fearing potential volatility from Thursday's European Central Bank announcement on its sovereign quantitative easing programme.
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BNP Paribas is preparing a reorganisation of its leveraged finance and high yield teams, as part of the reordering of its corporate and institutional bank that has taken place since Yann Gérardin took over as its head in October. Market participants believe some job cuts are possible.
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What a difference QE makes. Sentiment in Europe's high yield market has U-turned, from the uneasy, sluggish mood in the final months of last year, to an overtly optimistic January.
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Adif Alta Velocidad, the Spanish high speed rail track operator, priced a €1bn 10 year bond on Wednesday, its second ever issue. The company had originally intended to launch the deal last year.
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Malaysia Airports opened a €500m ($579m) seven year loan into general syndication on January 21, picking two European banks and one Malaysian bank to lead the deal. A portion of the loan will be used to finance the borrower’s acquisition of Turkey's Istanbul Sabiha Gökçen (ISG) International Airport.
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Snam, the Italian natural gas transmission company, tapped its April 2023 bond for €250m on Wednesday. The new notes were priced with a very small pick-up, putting some investors off, but the transaction was still more than three times subscribed.
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Adif Alta Velocidad, the Spanish high speed rail track operator, priced a €1bn 10 year bond on Wednesday, its second ever issue. The company had originally intended to launch the deal last year.
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Malaysia Airports opened a €500m ($579m) seven year loan into general syndication on January 21, picking two European banks and one Malaysian bank to lead the deal. A portion of the loan will be used to finance the borrower’s acquisition of Turkey's Istanbul Sabiha Gokcen (ISG) International Airport.
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French food and drugs tester Eurofins Scientific priced a €500m seven year bond on Tuesday, following a roadshow last week. The first unrated senior corporate bond deal of the year, it was three times subscribed.
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Kazakhstan’s state-owned nuclear holding company Kazatomprom has signed a $450m facility agreement with banks to pay down eurobonds maturing this year.
