BNP Paribas
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Holding d’Infrastructures de Transport, the holding company of Société des Autoroutes du Nord-Est de la France, the French motorway operator, returned to the bond market after a two and a half year break on Wednesday for a €450m deal.
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Europe’s corporate bond market delivered on bankers’ and investors’ hopes this week, as issuers belted out €13.2bn of deals, pushing this week — by a €20m margin — into the top 10 of the market’s busiest weeks ever.
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Sovereign, supranational and agency borrowers this week enjoyed conditions that smacked of the exuberance of 2006 and 2007, but those issuers wanting to take advantage of supply-starved investors next week will have only a narrow window — as a Federal Open Market Committee meeting, a holiday in Japan and Scotland’s vote on independence will make opportunities for issuance few and far between.
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White goods company Arcelik priced the first ever sub-investment grade emerging market euro deal with no high yield covenants on Wednesday. While bankers claim the deal paves the way for more Turkish corporate deals with no covenants, they admit that only an elite group will be able to follow. -
Agence Française de Développement this week became the first supranational or agency issuer to raise €1bn with a green new issue in euros at the long end of the curve, while the European Investment Bank priced a tap of a November 2026 Climate Awareness Bond in Ecoop format. That came just a week after it sold the original deal, which is its longest benchmark Climate Awareness Bond in euros.
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Delachaux - Co-op Pharmacy - Corialis - Averys - HSE24 - WMF - Cheminova
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Allianz continued a strong run of deals for insurers on Thursday, drawing a large order book for a perpetual trade. Attractive levels compared to bank bonds are driving the trades, according to syndicate managers.
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The investment grade market was a story of the haves and have-nots as investors showed signs of fatigue amid a deluge of supply.
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Petron ups loan to $475m — PFC closes $250m — UAF gets HK$825m
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Pelindo III eyes maiden dollar bond — Indonesia's MPM seeks debut — Tata Comms looks to tackle dollar inaugural — FWD picks five for roadshows — IFC mandates three for dim sum — Honghua seeks international debut
