Natixis

The return to health of the investment grade corporate bond market has been a carefully trodden path, one step at a time. On Wednesday, French electrical components manufacturer Schneider printed a successful nine year new issue, following corporate deals with eight and seven year tenors on the previous days of the week.

Sweden’s Lundin Petroleum has slashed 90bp off the margin of its $5bn reserves-based lending facility, as borrowers continue to heap pressure on lenders over pricing.

CPPIB Capital will sell its first ever green bond this week, coming on the heels of a French region’s foray into green and sustainability bonds.

Asiana Airlines, South Korea’s second largest carrier, fell victim to the rising interest rate environment, cancelling a senior perpetual bond sale on Thursday. While the notes had a relatively investor friendly structure for a perp, credit analysts did not see much value in the deal.

China Everbright Bank’s Hong Kong branch sold its first euro-denominated bond on Wednesday, part of a dual-currency floating rate transaction.

Swiss telecommunications group Salt Mobile was this week looking to replace most of its debt capital structure with Sfr2.085bn-equivalent (€1.8bn) of new bonds that have weaker covenants, as the high yield market overcomes a recent bout of eurozone volatility.

David So, an executive director for debt capital markets, Asia Pacific, is leaving Natixis to join a competitor.

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The political manoeuvrings in Italy’s path to being governed — as well as poor eurozone economic data — played havoc with rates this week, leading to SSA deals either paying higher new issue concessions, or falling short of subscription. More volatility could come, after the country’s president approved the likely coalition partners’ choice of prime minister but held back from appointing a eurosceptic economist to take charge of the country’s economy. Craig McGlashan reports.

BNP Paribas has hired a new loans banker in Singapore even as a senior executive leaves its southeast Asia originations unit, sources close to the move said.

Fosun Industrial Co has returned to the offshore market for a $550m three year senior term loan that will refinance debt taken on for an acquisition last year.

Autodis Group, the French distributor of spare vehicle parts owned by Bain Capital, has cancelled its planned Euronext Paris IPO, blaming volatile markets.