BNP Paribas

Mexican government-owned oil company Pemex will visit European investors next week on a non-deal roadshow, a source close to the borrower said.

Infrax, the Belgian multi-utility, launched its first bond as a rated entity today, raising €250m of 15 year debt and benefiting from shedding the premium paid by unrated issuers.

Arkema’s roadshow for its possible €600m-€700m perpetual non-call six year hybrid bond issue finished today in Germany, following investor meetings in Paris and London which the leads say were well attended.

German wind-up agency FMS Wertmanagement priced on Wednesday afternoon the first benchmark in two weeks to come at the tight end of guidance.

Three issuers, two of them US banks fresh from earnings releases, announced deals to a buoyant euro denominated senior unsecured market on Wednesday.

Sovereign, supranational and agency bankers are waiting for a borrower — possibly Sweden — to attempt a benchmark in the belly of the curve to test the strength of sentiment after extreme volatility in US Treasury markets last week led to a pair of undersubscribed deals in dollars.

The European Stability Mechanism took a novel approach to the sale of its shortest dated bond to date on Tuesday, printing a two year deal with what is understood to be the first ever 0% coupon on a benchmark from a supranational or agency. Agence Française de Développement is set to mimic the ESM’s tenor on Wednesday, after mandating banks for a long two year on Tuesday afternoon.

KfW had to keep books open for longer than it is used to when selling a three year dollar benchmark on Tuesday, but it still impressed bankers by getting the trade away at a tight level. Viewed as a deal breaker for other issuers to come in dollars this week, KfW’s success meant that more trades could join FMS Wertmanagement, which mandated banks for a two year deal on Tuesday afternoon.

Swiss franc investors snapped up a long dated Quebec issue on Tuesday, following a shift in demand toward 10 year paper.

China’s Tewoo Group is gearing up for its first foray into the debt market, mandating three banks to arrange a series of investor meetings that started on October 22.

IDBI Bank priced a five year dollar bond on Monday. While choppy markets saw the issuer pay some new issue premium, the borrower managed to take advantage of a lower rate window to price just wide of its curve.

The European Stability Mechanism has opted to sell what will be its shortest dated bond to date on Tuesday, after mandating banks for a two year bond on Monday afternoon. Meanwhile, the State of North Rhine-Westphalia grabbed some funding at the long end of the curve.