Search results for

BNP Paribas took advantage of a better tone in the US corporate bond market this week to launch its first tier one offering as a combined entity. The $500m perpetual non-cumulative trust preferred issue was priced by lead managers BNP Paribas and Goldman Sachs at 337.5bp over the 10 year Treasury and traded around its new issue price in the aftermarket. The deal was one of a number of successes in the US corporate bond market this week as high grade spreads began to show some stability, despite continued volatility in US equity markets.

Joint lead arrangers Bank of America (bookrunner) and Abbey National Treasury Services are preparing to launch the selldown of the £685m senior debt facilities for the Birmingham Northern Relief Road project which is being developed by special purpose vehicle (SPV) Midland Expressway Ltd. The deal is reckoned to be the largest Public Private Partnership (PPP) infrastructure project financed in the UK. The project involves the development of a 43km six lane motorway designed to relieve congestion on the M6 between junctions 4 and 11.