BNP Paribas

Polish corporate Synthos has taken a hit in the secondary market and is trading two and a quarter cash points down from reoffer. Critics attacked the deal execution and warned that the trade may hurt future Polish corporates wanting to access the market. But bankers on the deal defended the sale and said the issuer had set a very ambitious price target.

Fast money accounts are going long risk CDX High Yield and shorting the S&P500 hoping to play the decompression between the two.

BNP Paribas has promoted Kyoya Okazawa to be head of equity derivatives distribution, global equities and commodities derivatives (GECD), for Asia Pacific. Okazawa will add this role to his current position as the head of GECD for Japan.

Chinese real estate firm Sunshine 100 China Holdings raised $115m on September 25 by printing a 12.75% 2017 trade through the curve of its closest comparable – Redco Properties Group.

Yankee heavyweights ING and Santander rounded off a stellar month for US financials issuance with trades that pushed supply beyond $70bn.

Tuesday had been a slippery day in the European corporate bond market, as a fall in equities caused two new issues to find underwhelming demand – a knock-on effect that has not happened for a long time. But by Thursday that was all forgotten. Four deals were launched, three of them triple-B rated and three of them 10 years, and all went well.

French reinsurer Scor ended a long hiatus from the euro market on Thursday, selling a perpetual subordinated deal to a warm reception. The deal stood in contrast to one from Dutch insurer ASR Nederland earlier in the week, which struggled despite juicy pricing.

Polish synthetic rubber firm Synthos made a strong debut on Wednesday with a €350m seven year non-call four debut offering. Rarity of supply from both the sector and from Poland buoyed investor support for the deal which offered a pick-up over the usual state and state-owned corporate deals from the country.

Vallourec’s bond issue may have gone well on Tuesday, but for the other corporate issuers in euros and sterling it was a much rougher ride. Accor launched a €150m tap and RCI Banque a £250m sterling three year, but neither managed to tighten pricing from their initial thoughts.

India’s equity-linked market finally came back to life this week after a two year hiatus, with engineering conglomerate Larsen & Toubro (L&T) selling a $200m convertible bond. While the transaction signals a reopening of the country’s equity-linkers, it has come under fire for its aggressive pricing, which could act as a barrier to future issuance, writes Rashmi Kumar.

Turk Ekonomi Bankasi printed a $21.8m January 2015 fixed rate medium term note through BNP Paribas on Wednesday. Priced at par, the note pays a coupon of 1.2%.

Scor ended a long hiatus from the euro market on Thursday, selling a perpetual callable subordinated deal to a warm reception. With the issuer only offering a small size, it was able to draw a multiple times oversubscribed book.