BNP Paribas
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China Construction Bank (CCB) Frankfurt branch launched the first Frankfurt-issued renminbi-denominated bond from a subsidiary of a Chinese name on Monday morning. The two year transaction, which will clear and be listed in Frankfurt, had attracted more than Rmb1bn ($162m) in orders less than half an hour after books were opened. -
Haitong Securities is meeting investors in Hong Kong and Singapore this week for its inaugural dim sum bond.
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Macro hedge funds are positioning for a correction in the Russell 2000 index entering outperformance options against the S&P 500 and selling upside calls on the Russell to finance the trade.
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Xella International, the building materials maker rated B1/B+, has appointed five banks to arrange a possible offering of floating rate senior secured notes.
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Paccar, the US company that makes Kenworth, Peterbilt and DAF trucks, made one of its regular, but infrequent trips to the euro bond market on Monday.
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Syndicate bankers hailed a return to form for senior debt this week, following a string of blowout deals. Given a week with no holidays to disrupt the market, financials reacted with gusto and printed around €12bn of senior debt, with investors stepping up to absorb the tide of issuance.
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The long end looked to be the sweet spot for a trio of FIG issuers this week, as BNP Paribas, Crédit Agricole and Citi all sold blowout 10 year deals. BNP Paribas and Crédit Agricole were the first to market and Citi followed suit with a bumper book on Thursday, despite the French duo’s deals widening in trading.
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Vilmorin & Cie, the French seed producer, launched its first straight bond on Thursday, completing a trio of unrated debuts in the past week, all seven year bonds.
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Citi is set to continue a run of highly oversubscribed 10 year bonds, announcing a self-led trade on Thursday morning. Like deals from BNP Paribas and Crédit Agricole earlier in the week, the deal has drawn a bumper book, even as the 10 year bonds from the two French banks continue to trade wide of initial levels.
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Encouraging Indian election exit poll results, a recent rating upgrade and rarity value all helped Bharti Airtel price a jumbo dual currency issue on Monday. Voracious investor appetite enabled the issuer to price flat to its existing curve, but ample leftover demand could see a replay of the hefty taps the issuer made last year, writes Isabella Zhong.
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State Bank of India has closed its loan at $554.5m, managing to gather enough demand during syndication to increase its borrowing from the launch size of $390m.
