BNP Paribas
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Bank of China Aviation printed a five year bond on Wednesday night as the issuer looks to solidify its presence in the market after it more than doubled the size of its EMTN programme last month. -
Two more instalments in the unfolding saga of the corporate floating rate note appeared this week, with a €500m 4.9 year deal by Société des Autoroutes Paris-Rhin-Rhône on Tuesday and a €300m three year by Volkswagen Bank on Wednesday.
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Deutsche Bank and BNP Paribas, continental Europe’s fixed income powerhouses, reported first quarter results this week, confirming the tough environment in debt trading. But Deutsche in particular, widely expected to take the brunt of the FICC downturn, escaped better than some of its US peers.
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RCI Banque, the finance arm of Renault, turned to the sterling bond market on Tuesday to finance its UK lending, and benefited from the absence of sterling issuance since April 11.
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Three periphery issuers took the limelight in the senior market this week — Banco Espírito Santo, Bank of Ireland and La Caixa all selling euro benchmarks. All three issuers can be pleased with their order books — La Caixa recording hefty demand and Bank of Ireland and BES impressing on quality.
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Bank of Ireland highlighted the rehabilitation of financials from the eurozone's periphery in the eyes of investors on Wednesday by drawing a high quality order book for a new three year benchmark. La Caixa was also in the market with a comfortably oversubscribed three year bond.
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Volkswagen Bank launched a €300m three year floating rate note today that, while hardly a blowout, achieved its objective of tight pricing, bankers said.
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French geosciences firm CGG came to the high yield bond market for the second time in less than a fortnight on Monday, following its euro debut with a return to dollars.
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Bank desks, hedge funds and real money investors have continued to build up their hedges in European credit options this week, trading payer spreads in iTraxx Main, Crossover, and for the first time in several weeks, Senior Financials, with June emerging as a popular expiry.
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A drop in BNP Paribas’ rates, forex and emerging markets businesses contributed to a fall of more than a fifth in its fixed income revenues year on year for the first quarter of 2014, as a strong equity and advisory performance failed to fill the resulting fall in its overall advisory and capital markets returns.
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Bank of Ireland is set to sell its third senior unsecured benchmark since the financial crisis on Wednesday, choosing a three year deal. Meanwhile, La Caixa has drawn a strong response for a euro benchmark senior unsecured of its own.
