BNP Paribas
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BOC Aviation, the aircraft leasing arm of Bank of China, has launched a $750m borrowing into general syndication. -
Korea Gas Corp, a government-owned borrower, found ample support for its dual tranche $800m bond, with demand of more than $5bn during bookbuilding allowing the firm to price the notes around some fair value estimates, and well inside others.
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France impressed SSA bankers as it paid a tiny new issue premium for a new 30 year OAT via syndication on Tuesday.
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A succession of debut labelled deals are filling the FIG pipeline as issuers look to make use of the last window ahead of the summer break. ESG bonds from SpareBank 1 SR-Bank and Banco BPM are set to join the already mandated Banca Popolare di Sondrio and Arion Bank in the market later this week.
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BNP Paribas sold its first Swiss franc green bond on Tuesday, navigating concerns over the non-preferred format to twice bump up the size of its Sfr230m ($230.8m) deal. It was joined in the market by Pfandbriefzentrale, which printed two tranches of covered bonds.
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France is preparing a 30 year OAT syndication, capitalising on a market that seems eager for paper that has snapped up an EFSF tap with an order book more than eight times subscribed.
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Europe’s high grade corporations are lining up bond issues in euro and sterling for this week, which could be the last before the market slows down for a summer break. Meanwhile, analysts and investors agree that there is considerable room for borrowers to sharply ramp up primary market activity in the next session.
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Three infrequent FIG borrowers are set to drop into a stable euro market this week, with Arion Bank, Banca Popolare di Sondrio and Westpac New Zealand all preparing senior deals .
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Prada, the Italian fashion house, has completed an amend and extend operation on its main bank revolving credit facility. Lenders say similar deals will make up the bulk of their business for the rest of the year.
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Renewable energy company Vena Energy was back in the bond market on Wednesday with a $175m tap of its debut green bond.
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The extraordinary amount of cash sloshing around Europe’s corporate bond market has put acute pressure on triple-B rated corporates looking to raise debt, with market participants hoping a summer break will act as a release valve on super-tight spreads. Mike Turner reports.
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