BNP Paribas

Chinese pork producer WH Group has had an eventful year. In July it finally managed a successful debut on the Hong Kong Stock Exchange after two abortive attempts. Now it is back in the capital markets, with a $1.5bn refinancing for a controversial loan it raised last year for its acquisition of Smithfield. Fortunately for the borrower, the new deal looks like it will go without a hitch, writes Shruti Chaturvedi.

BNP Paribas on Monday leaped through a narrow window and avoided a souring in sentiment later in the week to sell its second tier two deal in euros this year.

BNP Paribas took advantage of improving sentiment and strong demand from US investors to print its first dollar tier two trade since 2005, while also issuing in euros (see separate story).

Unibail-Rodamco, the French property company, achieved tight pricing on its latest eight year euro issue thanks to strong demand from across continental Europe.

GM Financial, the finance arm of General Motors, finally emerged with its long-awaited euro debut issue on Wednesday.

Strong domestic support allowed unrated Austrian metals group Voestalpine to increase its seven year euro market return to €400m on Wednesday despite substantial price tightening.

Melbourne Airport returned to the euro market on Wednesday with a €350m 10 year that attracted more than five times oversubscription.

The much talked about Bank of China (BoC) additional tier one capital (AT1) transaction is finally taking shape, with Asian and European roadshows scheduled to begin on October 10, according to bankers on the trade.

State-owned Korea Water Resources Corporation has returned to the offshore market following a nine year absence, setting final guidance at 110bp over Treasuries for the 3.5 year bond.

Guangdong based Times Property Holdings completed its fourth appearance in the debt market this year by tapping its existing offshore renminbi bond for an extra Rmb600m ($98m) on October 7. But the trade proved to be tougher than expected as a result of a sell-off in Chinese property bonds.

Several enquiries from yield hungry investors have prompted Times Property Holdings to tap its existing Rmb900m ($146m) dim sum bond on October 7.

Merck & Co, the US pharmaceutical company, launched its first bond in euros for seven years today, just days after its €1.5bn deal from 2007 had matured. With markets recovering after a queasy time last week, the €2.5bn issue was widely seen as a success by rival bankers.