BNP Paribas
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Hedge funds are looking to implement relative value trades on European indices, going long iTraxx Main and shorting the Eurostoxx 50 or long CDX investment grade and short S&P500, expecting synthetic credit indices to outperform stocks around the roll of the iTraxx and CDX indices on September 22.
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The Coca-Cola Co issued its first bond in euros on Monday, choosing the same path as several other blue chips recently by launching a big, dual tranche deal. This highlights the euro market’s attractiveness to international borrowers.
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Synthos SA, a leading manufacturer of chemical raw materials in Central and Eastern Europe, is meeting investors for its debut bond.
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China Development Bank raised Rmb2bn ($325m) from a dim sum bond issued in London on Friday on a day that saw a raft of announcements intended to boost the use of offshore renminbi in the city as bankers and policymakers took part in the 6th UK-China Economic Financial Dialogue. -
United Overseas Bank (UOB) made a return to the dollar market on Thursday, pricing a $500m 5.5 year issue. It was the Singaporean borrower’s first issue of dollar senior notes in more than two years and that fuelled investor appetite despite the presence of similar supply in the market.
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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.
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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.
