BNP Paribas
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The second visit by a non-European supranational to the euro benchmark market since the euro/dollar basis swap neared parity late last year could encourage its peers to print in the currency over the coming weeks. The Asian Development Bank’s debut euro benchmark this week offered more enticing pricing than when the World Bank opened the market late last year — but by printing a larger deal, it was equally if not more impressive in many bankers’ eyes. -
Two UK building societies took to the euro market this week, with Nationwide and Leeds Building Society selling senior debt. Both issuers fell victim to a weak tone, with Leeds’ bonds struggling in the secondary market and Nationwide failing to reach its maximum size ambitions.
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Airbus Group, also known as the European Aeronautical, Defence and Space Co, was cheered by investors on Tuesday on its return to the euro bond market for the first time for five years.
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Kommuninvest and Nordic Investment Bank are considered likely candidates to kickstart the dollar market next week after a quiet patch. Export Development Canada was the only issuer to sell a dollar benchmark this week, pricing a three year deal on Wednesday.
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Banco Santander Totta this week returned to the covered bond market after a four year absence, choosing a three year maturity and a spread that ensured it was an easy choice for risk-averse and yield-hungry investors alike. The €1bn deal is likely to replace central bank funding.
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Nationwide will be the second UK building society to issue in euros this week. Leeds Building Society tapped the market on Tuesday, though its paper has seen shaky trading since then.
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LeasePlan’s goal to diversify its investor base and smooth its redemption profile means the issuer will target small private placements over the coming months. It has also been expanding its currency mix and sold its third ever deal in Norwegian kroner this week.
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Propriety trading desks and hedge funds are focusing on reversion trades in the Japanese equity markets due to large dispersions in intra-sector single stocks, according to traders and strategists.
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Offshore supply vessel operator Icon Offshore filed its preliminary prospectus to the Securities Commission Malaysia on March 26 for a $150m IPO that could come as early as the end of the second quarter.
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Anheuser-Busch InBev, the Belgian-US brewing company, today joined the spate of large companies issuing multi-tranche deals into the present super-hot euro corporate bond market. Its deal was marked by two current trends: the popularity of floating rate notes and of 12 year bonds.
