BNP Paribas
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Europe’s high grade corporate market this week saw one of its busiest days of the year, with a touch over €4.5bn printed from eight tranches on Wednesday, and investors lapped up most of the deals with ease. -
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ESG trades were again the dominant format in Europe’s high grade corporate bond market on Thursday, with railway product maker Wabtec Transport and property developer Citycon printing green debt.
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French banks and foreign rivals are slugging it out in France’s corporate finance boom, where proximity to the government is an advantage, writes David Rothnie.
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European banks are trying to lock in funding at longer maturities as they consider whether credit spreads have reached a low point. But demand is less certain at the long end of the market, and some investors are pushing for a higher premium to reflect duration risk.
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AstraZeneca, the UK drug maker, hit the euro market on Wednesday after printing $7bn across the Atlantic a day earlier. The borrower is building up funds to pay for its $39bn acquisition of US rival Alexion Pharmaceuticals.
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Europe’s high grade corporate borrowers piled into the bond market on Wednesday to sell debt before the public holiday weekend in the UK. Investors showed no signs of indigestion on one of the busiest days of the year so far.
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Hammerson, the UK property development company, launched a sustainability-linked bond through its Irish subsidiary on Wednesday, hoping to achieve a better cost of funds by printing a deal that was eligible for ECB buying. The still-nascent SLB market gave few comparables for the trade, leaving investors needing a range of metrics to try and determine fair value.
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ABN Amro brushed aside concerns about the bid for long end paper on Wednesday, as it secured a tight spread on a 12 year deal in the euro market. It was joined by a couple of other banks targeting more conventional maturities.
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A favourable move in the basis swap allowed the Province of Quebec to return to the Swiss franc market after seven years away this week, landing its latest bond at a spread flat to its domestic curve.
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Belgian supermarket chain Louis Delhaize launched a Schuldschein on Tuesday afternoon, according to market sources, joining a band of retailers tapping the market this year.
