BNP Paribas
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Investors should expect a rush of aggressively priced deals from SSA issuers in the coming weeks, according to syndicate bankers. Borrowers emboldened by a strong new issue market are considered likely to throw caution to the wind and turn their eye to securing very attractive levels in lieu of large sizes.
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Central and eastern European sovereigns are poised to follow Hungary’s bold lead by jumping into the international bond markets to take advantage of a spectacular CEEMEA relief rally, writes Steve Gilmore.
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Piraeus Bank built a blow-out book for its three year bond, in a transaction that could herald the coming of a wider array of peripheral borrowers.
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Royal Dutch Shell, the UK-Dutch oil company, issued its first euro bond since 2009 on Wednesday, completing a hat-trick of bond issues this week by oil majors.
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National Bank of Canada extended its euro curve by two years and priced its second euro covered bond, a €1bn seven year benchmark, on Tuesday. It looked cheap versus its previous deal, but fair value to where other Canadian transactions were trading on Tuesday.
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Infrabel, the Belgian state owned company that runs the national railway network, issued a €200m bond on Wednesday that followed a roadshow and included some reverse enquiry demand.
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Hong Kong-listed Citic Pacific hit the market with a HK$8.8bn ($1.13bn) loan on the evening of March 17, with bankers on the transaction expecting a quick response from lenders considering the deal in syndication.
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BNP Paribas’ Frank Kwong has moved to the bank’s Tokyo office to joining Kenichi Osawa as co head of debt syndicate Japan.