Europe

BNP Paribas moved beyond its capital raising plan for 2015 this week as it launched its third tier two transaction of the year, bringing it close to fair value.

Deutsche Bank’s Spanish subsidiary issued its first publicly placed Cédulas Hipotecarias on Tuesday, setting a strong foundation for a further €3bn that it hopes to sell.

Petroleos Mexicanos (Pemex), the Mexican gas and oil producer, made an impressive return to the Swiss franc market on Thursday with a five year Sfr600m note, drawing hefty demand from asset managers and retail investors.

British American Tobacco has offered the sterling market its second long dated bond in as many days, a £350m 40 year tranche as part of a €1.1bn offering.

Groupe SEB, the unrated French domestic appliances manufacturer, pulled in a €2.5bn order book for a €500m no-grow bond on Wednesday.

A trio of issuers from Finland and Sweden raised €3.5bn of funding in the covered bond market this week with strong receptions and limited spread concessions.

Monte dei Paschi di Siena (MPS) issued a €1bn 10 year Obbligazioni Bancarie Garantite (OBG) this week. The deal came with a 2.125% coupon, the highest of any covered bond sold this year.

AP Moeller-Maersk, the Danish shipping conglomerate, this week issued its first benchmark euro bond since issuing a profit warning in October. Investors were price sensitive, but bankers away from the a €600m seven year trade were impressed with the book size for such a challenging story.

Swiss franc issues from international borrowers have declined markedly in the last two weeks with syndicate bankers blaming basis swaps which have moved more deeply negative.

Réseau de Transport d’Électricité issued a benchmark 10 year bond on Thursday that grew to €1bn, as a French-driven order book for the bond hit €3.5bn.

Shares in Solvay, the Belgian chemical company, closed at €103.65 on Thursday, up 3.1% since Monday night, after shareholders voted to approve the €1.5bn rights issue to finance its takeover of Cytec Industries, the US maker of advanced materials.

GlobalCapital has closed the poll to decide the winners of its 13th Syndicated Loan, Leveraged Finance and Private Placement Awards 2016.