BNP Paribas
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Solidium, the organisation that manages the investments of the Finnish government, has reduced its stake in SSAB after the steel maker reported a strong set of first quarter earnings. -
Blackstone Property Partners Europe Holdings, a real estate investor, got enough demand for its bonds this week for it to price the debt flat to its curve and increase the size of the deal from expectations, as high grade corporate investors betrayed no sign of indigestion despite the recent deluge of debt issuance from the sector.
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Europe’s high grade bond investors are set to be offered new bonds from both ends of the ratings spectrum this week, as A2 rated air traffic controller Nats (En Route) and fallen angel car parts company ZF Friedrichshafen planned deals.
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Greece’s Eurobank is preparing this week to launch a callable senior preferred deal, which it will use towards its minimum requirement for own funds and eligible liabilities (MREL).
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Hochtief, the German construction company, has followed up its bond outing with a revolving credit facility. The deals see the company take on around €750m of debt in the run-up to its annual general meeting.
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Bayerische Landesbank (BayernLB) is readying to issue its first covered bond in over two years, having appointed banks on Friday to sell a 10 year deal.
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Basic Fit, the Dutch low-cost gyms operator, has sold €204m of new shares to finance growth opportunities once its sites are permitted to reopen.
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Alfa Laval, a Swedish heating engineering company, has refinanced a €700m revolving credit facility, months after the company’s credit ratings came under heavy pressure for an ultimately failed acquisition attempt.
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BOC Aviation has sold a $750m bond through its US subsidiary, pricing its third dollar outing of the year at wider levels than some fair value estimates from analysts.
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Bank of Cyprus and Nykredit, at opposite ends of the FIG ratings spectrum, issued tier two bonds over the last week and both found strong demand from investors for the extra spread the product offers over senior debt. But with bank capital ratios rising, there seems little appetite among other issuers to follow.
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Europe’s corporate bond market hosted a debut sustainability-linked bond and two multi-part trades this week, despite overall issuance winding down as earnings season gets under way.
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