BNP Paribas
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The primary covered bond market picked up after a week without any issuance, just as the European Central Bank’s third covered bond purchase programme (CBPP3) got underway. All four deals issued this week were ineligible for the programme which, from a pricing perspective, made more a difference than their preferential treatment under newly established liquidity rules.
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Arkema, the French chemicals company, launched its hybrid bond issue successfully on Thursday, having decided to press ahead with the deal despite market conditions that are much less favourable for higher risk deals than in September.
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A pair of borrowers braved dollar issuance this week after volatility in US Treasuries last week led to a pair of undersubscribed deals. But so far the market recovery has taken the shape of a pair of ultra conservative German borrowers at the short end of the curve. Bankers will have to wait until next week to see an issuer test demand in the belly of the curve.
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Internationally syndicated Turkish corporate loans are rare, but this week has seen three push deals forward. Cake maker Ulker launched its loan into syndication on Monday, Turk Telekom subsidiary Avea completed a club loan and Yildiz dairy subsidiary Ak Gida is in the final stages of syndicating an Islamic loan.
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State-owned mining group Korea Resources Corporation (KoRes) took advantage of relatively stable market conditions on Thursday to notch a record low coupon on its inaugural Swiss franc bond.
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More borrowers could follow a ground breaking deal from the European Stability Mechanism this week — a two year deal that is understood to be the first ever 0% coupon on a benchmark from a supranational or agency borrower.
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FMS Wertmanagement is open to opportunistic private placements ahead of the end of the year, after a $1.5bn long two year benchmark took it to nearly €11bn done of a 2014 funding target that it originally set out as €10bn. -
IDBI Bank priced a five year dollar bond on October 20. While volatile markets saw the issuer pay some new issue premium, it managed to take advantage of a good window to price just wide of its curve.
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Korean hotel and rental service provider Hanjin International Corp is out with guidance for a three year floating rate note guaranteed by the Export-Import Bank of Korea (Kexim).
