Société Générale
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China Hongqiao Group is in the market for a $700m three year loan that was opened for syndication this week via seven bookrunners, according to bankers working on the deal. -
BP showed on Thursday that there is still life in the equity-neutral convertible bond structure, bringing a £400m deal that was oversubscribed and priced within its marketed range.
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This week’s steady run of one equity block trade a night in the European market continued on Thursday with the biggest deal so far, as Bpifrance, the French state investment fund, launched a €500m sale of more than half its holding in Eiffage, the construction and concessions group.
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Financial institutions have been careful to plan trades around a busy flow of corporate supply in recent weeks and, with a healthy pipeline still in place, there is little sign of FIG fading.
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The European Central Bank’s corporate sector purchase programme will distort CEE corporate bond prices, said bankers this week. And while issuers have so far been slow to react in bringing new deals to market, two CEE corporates printed successful euro denominated bonds this week.
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The Singapore dollar bond market has been dominated by financial and corporate subordinated debt in recent weeks with transactions worth S$2.64bn ($1.9bn) sold since the start of May. While the swap driven nature of the demand means issuance will be patchy, bankers believe this trend could run for some time, writes Rev Hui.
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Czech Railways printed its €400m seven year bond on Wednesday attracting buyers looking for a pick-up over tightly trading western European corporate debt.
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Zhejiang Geely Holding Group is set to sell its first dollar-denominated green bond on Thursday that comes with a standby letter of credit from Bank of China’s London branch. The offering marks the third dollar green debt to be sold by a Chinese issuer.
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Middle East banks are still drumming up strong demand from the loan market despite bearish ratings for the region this week, with Qatar National Bank and Emirates NBD testing the market.
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The Gulf region is on for a record first five months of the year with Qatar, Noor Bank, Etihad, DP World all mandating for bonds this week, while Petrobras printed an eye catching $6.75bn deal.
