BNP Paribas

Tele Columbus, the German cable television operator, has today unveiled a €500m refinancing loan, which comes to the market two days after the company launched an IPO.

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

Exor, a principal holding company of the Agnelli family, which founded Fiat, on Wednesday issued its first bond since 2007. Despite shaky market conditions, the 10 year bond attracted ample demand, helped by the fact that it offered about 150bp of spread — not available every day on investment grade paper.

Fast money and pure volatility investors were seen selling volatility through a 60bp straddle trade on iTraxx Main as credit volatility reacted sharply to events this week.

Wesfarmers, the diversified Australian retail, chemicals, energy and insurance group, attracted a €1.2bn book for its seven year bond on Tuesday, allowing it to increase the size from an expected €500m to €600m while still paying a new issue premium of 5bp or less.

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.