BNP Paribas

After a volatile few weeks, BNP Paribas took advantage of improved sentiment on Monday morning to launch a benchmark size tier two capital issue at what bankers away from the deal said was an attractive initial level for investors.

Mobile phone maker Xiaomi’s $1bn dual tranche loan has netted commitments from seven lenders that made it in time for the loan’s early bird deadline in general. These banks will earn an early bird fee of 15bp for getting commitments in by October 6.

Eiffage, the French construction and concessions company, has signed a €1bn five year revolving credit facility with 16 banks. The deal was 25% oversubscribed.

Pork producer WH Group has signed a $1.5bn facility that will refinance the outstanding principal on a $4bn acquisition loan it took in 2013. The borrower has been forced to return to the loan market after it failed to raise enough during its IPO earlier this year.

Indonesian telecom tower operator Solusi Tunas Pratama is firming up a more than $800m financing to back its purchase of 3,500 towers for Rph5.6tr ($460.5m) from Axiata Group Berhad subsidiary XL. The proceeds of the fundraising will also be used in part to refinance existing debt.

Four issuers launched covered bonds from Germany, Sweden, Norway and Austria this week. The transactions were all well subscribed and priced tightly but the greatest degree of price tension was seen in deals that are expected to be eligible for the European Central Bank’s purchase programme.

The Grand Duchy of Luxembourg paid a clear premium over its conventional curve to sell a €200m inaugural sukuk this week. But this concession was down to the small size and not the sukuk structure, said debt bankers involved. A much bigger problem with the debut deal was Islamic investors’ lack of familiarity with just how measly euro rates have become.

Tele Columbus — Travelport — Lindorff — Certeum

Bayer, the German pharmaceutical and chemical company, braved the toughest credit market conditions of 2014 this week to complete its biggest bond deal, as investors lost their appetite for risk.

Aéroports de Paris seized the opportunity presented by slightly stabler markets on Wednesday morning to price a €500m 10.5 year bond with what one banker said was its lowest ever coupon on such a long bond.

Bonds newly issued by Polish chemicals firm Synthos had traded down more than two cash points by early this week, with some bankers blaming the deal execution and warning that the trade might have hurt the chances of other Polish firms wanting to access the market. Bankers on the deal defended the sale, saying the issuer had set a very ambitious price target.

Infra Foch, a new company formed to purchase French car park operator Vinci Park, has mandated banks for a European bond roadshow next week.