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]

Corporate Finance - IDS (Royal Mail) plans to issue two benchmark-sized euro bonds [1] - This marks IDS's first debt sale since being acquired by Czech billionaire Daniel Kretinsky [1]

Offshore Yuan Usage - Hong Kong is increasing efforts to promote offshore yuan usage [1] - The effort aligns with Beijing's push to globalize the yuan (RMB) [1] Bond Market - Hong Kong is expanding bond issuance in the Chinese currency (yuan) [1]

Bond Issuance - Saudi Arabia 发行了 55 亿美元的债券 [1] - 这次债券发行可能为创纪录的发行量奠定基础 [1]

Bond Issuance - Japanese issuers are approaching a record of $100 billion in bond issuance across dollars and euros [1] - This marks the first time Japanese companies have reached this level in any year [1] - Companies actively entered the primary debt market on Tuesday [1]

Core Viewpoint - Grupo Aeroportuario del Pacífico successfully issued 85 million long-term bond certificates totaling Ps. 8.5 billion to finance capital investments and repay a loan [1][3]. Group 1: Bond Issuance Details - The bond issuance was conducted in two tranches and was oversubscribed by 1.98 times the announced amount [2]. - The bonds received the highest credit ratings in Mexico: "Aaa.mx" from Moody's and "mxAAA" from S&P, both with a stable outlook [2]. - The issuance includes 40.5 million debt certificates maturing in three years with a total amount of Ps. 4.05 billion, and 44.5 million debt certificates maturing in six years with a total amount of Ps. 4.45 billion [7]. Group 2: Use of Proceeds - Proceeds from the bond issuance will be allocated for capital investments and to repay a Ps. 1.5 billion loan from Banco Santander, maturing on October 17, 2025 [3]. Group 3: Company Overview - Grupo Aeroportuario del Pacífico operates 12 airports in Mexico's Pacific region, including major cities like Guadalajara and Tijuana, and tourist destinations such as Puerto Vallarta and Los Cabos [4]. - The company was listed on the New York Stock Exchange in February 2006 and acquired a majority stake in MBJ Airports Limited in April 2015 [4].

Private Credit Opportunity - Private credit sees a huge opportunity in infrastructure and digital infrastructure, with potentially high margins and lucrative coupons [1] - The sector is attracting significant attention, with many participants trying to enter the market [1] - UBS expresses concerns about the market becoming overheated and risks emerging due to excessive capital inflow [2] - Despite concerns, the industry remains somewhat skeptical about the long-term impact of potential overblown demand [2] Capital Expenditure and Bond Issuance - Morgan Stanley estimates approximately 3 trillion USD (万亿) in capital expenditure needs for AI over the next three years [3] - This capital expenditure could translate to hundreds of billions USD (千亿) in bond issuance [3] - A significant portion of the issuance is expected to be U S dollar denominated [3] Investment Grade Debt - The majority of the debt issuance is likely to be investment grade [4] - Long maturities of the debt instruments enable companies to achieve investment grade ratings [4] - The presence of underlying assets provides additional security [4][5]

Market Trends & Policy Impact - China's policy banks are rapidly issuing bonds to secure lower yields [1] - This bond-issuance surge is happening before the reinstatement of a value-added tax on interest income later this week [1]

Digital Capital Markets - NRWBANK 在 Polygon 上首次发行基于区块链的债券，由 Cashlink 提供支持 [1] - 这标志着欧洲数字资本市场机构化的重大胜利 [1]