SoftBank Corp. priced ¥46 billion ($292 million) in bonds on Friday, bringing its already record issuance this year to around ¥400 billion https://t.co/E0QTkpGFsF ...

Core Points - Euronext successfully launched a €600 million bond issuance with a 3-year maturity and an annual coupon of 2.625%, rated "A-" by S&P [1][3] - The bond issuance was significantly oversubscribed, with an order book exceeding €3 billion, indicating strong investor confidence [2][3] - Proceeds from the bond will be utilized for general corporate purposes, including refinancing existing debt, aligning with Euronext's strategic goals [2][3] Company Overview - Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, including listing, trading, clearing, settlement, and custody [5] - As of September 2025, Euronext's regulated exchanges host over 1,700 listed issuers with a total market capitalization of €6.5 trillion, making it a significant player in European equity trading [6] - Euronext handles 25% of European lit equity trading and offers a diverse range of products, including equities, FX, ETFs, bonds, derivatives, commodities, and indices [6]

Core Viewpoint - L'Oréal has successfully priced a €3 billion bond offering, which will be utilized for general corporate purposes, including financing part of the acquisition of Kering Beauté [1][2]. Group 1: Bond Offering Details - The bond offering consists of three tranches: - A €850 million 2-year floating rate bond with a coupon of 3M + 20bps p.a. - A €1,000 million 5-year fixed rate bond with a coupon of 2.750% p.a. - A €1,150 million long 10-year fixed rate bond with a coupon of 3.375% p.a. [7] - The bonds are rated AA (Stable) by S&P and Aa1 (Stable) by Moody's, and will be admitted to trading on Euronext Paris from 19 November 2025 [2]. Group 2: Company Overview - L'Oréal is the world's leading beauty player with a commitment to fulfilling beauty aspirations globally, emphasizing essential, inclusive, ethical, and sustainable beauty [3]. - The company generated sales of €43.48 billion in 2024 and has over 90,000 employees, with a strong focus on research and innovation [4]. - In 2025, L'Oréal was recognized as the most innovative company in Europe by Fortune magazine, highlighting its leadership in the beauty industry [5].

Core Insights - Orange has successfully completed a bond issuance totaling 5 billion euros, indicating strong market confidence in its strategic plan and the potential re-consolidation of MasOrange [2][3] Group 1: Bond Issuance Details - The bond issuance consists of 5 tranches with a total order book exceeding 20 billion euros, showcasing Orange's strong market profile [2] - The proceeds from the bond issuance will be used for general corporate purposes, including refinancing existing debt and potentially acquiring a 50% stake in MasOrange [3] - The characteristics of the bonds issued include: - €750 million maturing in November 2028 with a coupon of 2.5% - €1 billion maturing in November 2031 with a coupon of 3.125% - €1.375 billion maturing in November 2034 with a coupon of 3.5% - €1.375 billion maturing in May 2038 with a coupon of 3.75% - €500 million maturing in November 2045 with a coupon of 4.125% [4][8] Group 2: Company Overview - Orange is a leading telecommunications operator with revenues of 40.3 billion euros in 2024 and a workforce of 124,100 employees globally as of September 30, 2025 [6] - The company serves approximately 310 million customers worldwide, including 270 million mobile customers and 23 million fixed broadband customers [6] - Orange operates in 26 countries and is also a significant provider of IT and telecommunications services to multinational companies under the brand Orange Business [7]

Hong Kong dollar-denominated bond issuance has lost momentum following a record month, as high local interest rates eroded borrowing appetite https://t.co/nQG1dg8NK1 ...

Core Insights - Comerica Incorporated (CMA) is set to report its third-quarter 2025 results on October 17, with expectations of increased revenues but a decline in earnings compared to the previous year [1][11] Financial Performance Expectations - The Zacks Consensus Estimate for third-quarter 2025 earnings is $1.28 per share, reflecting a 6.6% decline from the year-ago quarter [2] - The consensus estimate for revenues is $843.6 million, indicating a 4% increase from the year-ago figure [3][11] Factors Influencing Earnings - Lending activity remained decent in Q3 2025, supported by improving macroeconomic conditions, despite uncertainties surrounding tariff policies [4] - Average loans are expected to remain flat sequentially, with management projecting slight pressure on earlier guidance of exceeding $50.7 billion [5] - Average earning assets are estimated to have grown modestly to $71.1 billion, a 1% increase sequentially [6] Net Interest Income (NII) and Non-Interest Income - The consensus estimate for NII is $569.4 million, indicating a 1% decline from the prior quarter [7] - Non-interest income is expected to be relatively flat, with capital market fees projected to rise by 5% to $44.1 million [10][11] Deposits and Service Charges - Average deposits rose 2.3% to $62.6 billion, exceeding earlier guidance, which is likely to boost service charges on deposits to an estimated $47.3 million, a 0.7% increase from the prior quarter [12] Expenses and Asset Quality - Higher expenses are anticipated due to increased compensation costs and lower gains on real estate sales, with non-interest expenses expected to rise slightly from $561 million [14][15] - The Zacks Consensus Estimate for non-performing loans is $249 million, indicating a marginal rise from the previous quarter [16] Earnings Prediction Model - The model indicates low chances of CMA beating earnings estimates, with an Earnings ESP of -1.92% and a Zacks Rank of 3 [17]

Core Insights - Stolt-Nielsen Limited successfully placed a new senior unsecured bond issue of NOK 1.5 billion, maturing on October 22, 2030, with a coupon rate of 3 months NIBOR + 225 bps p.a. and quarterly interest payments [1] - The bond issue was significantly oversubscribed, indicating strong investor interest [1] - The company has swapped the new bond into USD obligations at a fixed interest rate of 5.934% [1] Company and Industry Summary - Joint Bookrunners for the bond issue included Danske Bank, DNB Carnegie, Fearnley Securities, and Nordea [2] - An application will be made for the bonds to be listed on the Oslo Stock Exchange [2] - Certain primary insiders and close associates subscribed and were allocated bonds in the bond issue [2]

Market Trends - Chinese government bond issuance is set to plunge by year-end [1] - Market is also pressured by a rotation into equities [1]

Group 1 - Bureau Veritas successfully completed a bond issuance of EUR 700 million, maturing in October 2033, with a coupon rate of 3.375% [2][3] - The bond issuance was oversubscribed by 2.4 times, indicating strong investor confidence in Bureau Veritas' business model and credit profile [3] - The bond will be rated A3 by Moody's, reflecting the company's solid credit standing [3] Group 2 - The new bond issuance is part of Bureau Veritas' LEAP | 28 strategy, aimed at leveraging favorable market conditions for general corporate purposes [3] - Admission of the bonds to trading on Euronext Paris is expected to take place on October 1, 2025 [4] - Crédit Agricole CIB and Natixis served as Global Coordinators and Active Joint Bookrunners for the bond issuance [4] Group 3 - Bureau Veritas is a global leader in testing, inspection, and certification services, with a mission to ensure responsible progress and sustainability [5][6] - The company has a workforce of 84,000 employees operating in 140 countries, addressing challenges in quality, health and safety, environmental protection, and sustainability [6] - Bureau Veritas is listed on Euronext Paris and is part of the CAC 40 and CAC 40 ESG indices [7]

Core Points - Arco Vara AS successfully completed a bond offering, raising a total of EUR 15 million after oversubscription [1][3][2] - The bonds have a nominal value of EUR 100, an annual interest rate of 8.8%, and will mature on September 24, 2028 [1][3] - The offering attracted 3,392 unique investors, indicating strong market interest and confidence in the company [2][4] Offering Details - The initial offering was for 100,000 bonds, which was increased to 150,000 due to high demand [1][3] - The bonds will be transferred to investors' accounts around September 24, 2025, with trading expected to start on the Nasdaq Tallinn Stock Exchange on September 25, 2025 [3] Investor Participation - A total of EUR 21.9 million was subscribed, oversubscribing the base volume of EUR 10 million by 2.2 times [2] - 3.9 million EUR was subscribed by existing shareholders or bondholders of Arco Vara AS, who received 100% allocation of their subscriptions [5] Management and Market Response - Management expressed gratitude to investors and highlighted the importance of the bond issue for the company's capital raising efforts [4] - The bond issue is noted as the largest standalone issuance by a real estate developer in the Baltic capital markets, reflecting a strong governance structure and market confidence [4][5]