BBVA
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Investors in green corporate bonds had two very different deals offered to them on Tuesday. Spanish utility Iberdrola sold a green hybrid bond, while Toyota Motor Credit Corp, Toyota’s auto finance subsidiary, offered a long 3.5 year green tranche alongside a seven year non-green tranche. -
Chinese telecom firm Huawei Technologies has launched a $1.2bn five year loan into general syndication.
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The public sector market for euro paper is providing superb execution for those borrowers that still have needs in the currency — but those are few and far between.
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BBVA issued $1bn of perpetual non-call 10 additional tier one (AT1) notes on Wednesday, in a deal paving the way for it to redeem a bond next year that will be the first European AT1 issued in a core currency to reach its call date.
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Leveraged loan issuance is set to outpace sales of new high yield bonds with a surge this year, pushed by a varied array of borrowers seeking not just tighter margins on old debt, such as US chemical group Angus this week, but also funding for acquisitions, as with Nordic travel operator Etraveli.
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Italian corporate issuers have dominated bond issuance in recent weeks but Wednesday brought a pair from Iberia, as two energy suppliers took advantage of the market's hot conditions.
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BBVA opened books on a new additional tier one (AT1) on Wednesday, in a sign that the market was already entering its first phase of refinancing.
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Axtel, the Mexican telecoms company, is meeting investors for a planned senior unsecured bond issue. Investors say the firm is almost unrecognisable from the one that carried out a distressed debt exchange in 2013.
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The five deals which priced in the euro corporate bond market on Monday offered investors a variety of options, including hybrids and floaters. For duration buyers, French motorway operator Autoroutes Paris-Rhin-Rhône was in market with a January 2033 maturity.
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Argentina has released price guidance for a €2.5bn triple tranche bond at levels a trader in London described as shockingly wide, while investors started to fret about how much debt the country takes on.
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BBVA is shuffling several senior bankers in its global project finance team, after its global head of energy project finance departed to take up a role at ING Capital in New York.
