BNP Paribas
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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. -
Chinese property company Wuhan Optics Valley Union has begun the marketing process for its Hong Kong IPO which could be worth up to $150m, according to a banker close to the deal.
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Chinese company Giant Investment, which is taking private online game developer Giant Interactive, has picked a group of seven banks to provide it with a loan of $850m to fund the buyout.
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Länsförsäkringar Hypotek (LF Hyp) issued Sweden’s first covered bond deal of the year on Tuesday, after Finland’s OP Mortgage Bank attracted excess demand for its deal on Monday. The Swedish bank’s euro funding was notable for being cheaper than that achievable in its home market.
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Westpac this week issued its first euro denominated covered bond deal of the year and the second from an Australian issuer. The deal was only modestly oversubscribed as bank treasuries weren't interested because the bond is ineligible for liquidity buffers and repo with the European Central Bank.
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A strong run of dollar issuance throughout this week is likely to continue as investors look to put money to work in a stable rate environment, according to syndicate bankers. Caisse d'Amortissement de la Dette Sociale and the European Investment Bank crowned a barnstorming week in the currency, with jumbo deals in tough maturities.
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Investors in long dated senior unsecured debt appeared to have abandoned their yield targets this week, sending coupons below 3% on a Banque Fédérative du Crédit Mutuel fixed rate transaction, amid one of the busiest weeks of activity in the senior unsecured financials market this year.
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Santander and BNP Paribas printed their first dollar trades of 2014 as demand for investment grade paper continued its strong run.
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Verizon Communications brought back memories of its $49bn record-breaking bond in September with a $4.5bn offering this week that sucked in nearly $23bn of orders.
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