BNP Paribas
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Korea Expressway Corporation, China Travel Service (CTS) and Tewoo Group are all out in the market with new dollar bonds. The Korean government related issuer (GRI) was last seen in April this year and adds to a relatively busy month for Korean issuers. CTS, on the other hand, has not been in the market since 1996. -
Rhiag, the Italian car parts distributor, has priced a €50m tap of its €215m 2020 bond at par.
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Hanjin International priced what bankers said was the first public bond to be issued with a guarantee from the Export-Import Bank of Korea (Kexim).
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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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Swiss franc investors snapped up a long dated Quebec issue this week following a shift in demand toward 10 year paper.
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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.
