HSBC
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Solvay, the Belgian chemical company, enjoyed the benefit of the European corporate bond market's blistering return to form this week, when it raised €3.25bn of hybrid and senior debt for its acquisition of Cytec Industries. -
SEB Germany offered the lowest ever yield for a primary covered bond when it issued a three year public sector Pfandbrief on Tuesday. But some sort of positive return was necessary, even if it was minuscule.
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Daimler closed its books on Friday for its Schuldschein note, increasing on its launch size from €300m to €1.1bn.
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The European corporate bond market let its traditional reverence for Thanksgiving lapse, printing two deals during the US public holiday on Thursday.
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Banks, investors and even the Spanish and US governments are bracing themselves for a long and bruising battle to restructure Abengoa, the Spanish renewable energy group likely to enter a pre-insolvency period on Friday.
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Danone returned to the corporate bond market on Monday for the second time this year, with a €750m 8.5 year bond.
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BMW has kept its bond issuance going apace in the past fortnight, since it returned to the market for the first time after the Volkswagen emissions cheating scandal.
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On Wednesday, the same day as Total's debut convertible, came another inaugural deal, from Brenntag, the German chemicals distributor, which has a €7.7bn market cap — dwarfed by Total’s €113bn.
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Iliad, the unrated French telecoms company, issued a benchmark euro bond on Thursday, returning to the market after a four year absence.
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Baosteel Hong Kong Investment Co sold a $500m exchangeable bond this week at terms that were aggressive even at the bottom end. Bankers clashed over whether the mandate process, conducted like an accelerated bookbuild, was good for the market, writes John Loh.
