BNP Paribas
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The US high-grade bond market was all but closed to new issuance this week as plummeting Treasury yields sent borrowers scampering to the sidelines. The 10 year note had its biggest intraday swing in six years on Wednesday as it fell as low as 1.86%, the lowest since May 2013, before rebounding to around 2.10%.
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A portion of Tata Steel’s $5.6bn borrowing, which has been in senior syndication since July, finally launched into general on October 13, with five banks joining the original 11 leads. The money will be used to refinance the outstanding portion of the debt Tata took to fund its acquisition of Europe’s Corus Group. -
Tentative allocations are out for smartphone maker Xiaomi’s $1bn dual tranche loan. The deal has proved popular as bankers are eager to lend to the company that has ambitious plans for global expansion.
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A cacophony of troublesome macro conditions are rocking the markets and could make issuance exceptionally tricky for issuers looking to print dollars in the coming weeks. A pair of borrowers felt the pain on Wednesday, with their leads setting pricing in line with initial price thoughts and at least one of the deals undersubscribed — a far cry from a series of blow-out dollar trades since the market reopened after the summer.
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Mobile phone maker Xiaomi’s $1bn dual tranche loan has netted commitments from nine lenders in general syndication. The deal has been a popular one as bankers are eager to lend to the company that has ambitious plans for global expansion.
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The Shanghai Stock Exchange (SSE) and the Hong Kong stock exchange (HKEx) completed another round of system testing on October 11, ahead of a rumoured October 27 launch. But issues concerning A-share stock sales and China tax requirements are still being worked on by regulators.
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UK car breakdown recovery firm RAC has launched a £1.25bn loan to refinance debt and recapitalise its debt structure after the Government of Singapore Investment Corp became a shareholder in the company.
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A portion of Tata Steel’s $5.6bn borrowing, which has been in senior syndication since July, finally launched into general on October 13, with five banks joining the original 11 leads.
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Bank of China (BoC) is considering dropping the euro tranche for its debut additional tier one (AT1) after failing to generate enough interest for that currency on its global roadshow.
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Sandrine Ferdane, BNP Paribas’s head of corporate coverage for Brazil, has been promoted to chief executive and country manager for Brazil, the bank said.
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Azeri Accessbank printed a $50m one year euro commercial paper (ECP) on Friday after meeting investors in mid-September.
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