ABN Amro

The postponement of Argenta Spaarbank’s non-preferred senior bond on Tuesday was a reminder that investors are not taking a shine to everything sent their way in the market. The large volume of trades this year has prompted investors to become “selective” about what they buy, analysts at Rabobank said.

Argenta Spaarbank and Sumitomo Mitsui Financial Group were both marketing senior bonds on Tuesday, making use of the favourable backdrop in the primary market. While Sumitomo was quick to build demand for its bond, Argenta struggled to gather enough demand volume to move the spread from price thoughts.

UBI Banca launched a €500m non-preferred senior bond this week, supported by orders of €1.4bn at peak, but it had to pay a new issue premium, according to a FIG banker.

BBVA launched a senior non-preferred bond in the euro market this week as activity slowed after a busy period for new FIG issuance. The €1bn trade attracted orders of €1.8bn and gave investors a small new issue premium, according to a syndicate banker.

CaixaBank launched a non-preferred senior bond linked to social causes on Tuesday, while Raiffeisen Bank International launched a green preferred senior bond. Both deals were heavily oversubscribed on a day that one banker described as 'ridiculously busy'.

De Volksbank was three times subscribed for its debut green bond this week, despite not offering much in the way of yield or new issue premium to its investors.

Credit Suisse was marketing a 10 year bullet senior bond on Tuesday, avoiding negative yields by choosing a tenor longer than seven years. At the same time, Sparebank 1 announced it was readying its green debut in senior format.

Louis Dreyfus Asia has boosted the size of its annual borrowing to $650m from $500m after receiving commitments from 31 lenders.

FIG bond investors are showing signs of become more risk-averse at the beginning of August, with bank bond spreads widening amid questions about the health of the European economy.

Cofco International, a commodities trading unit of China’s agri-products company Cofco, has increased its sustainability-linked loan to $2.3bn after receiving commitments from 21 lenders.

Royal Bank of Canada and Credit Suisse turned to the euro market this week to launch bail-inable senior bonds, testing market conditions amid European earnings blackouts and before an expected break for the summer.

Shandong Qingyuan Group Co, a Chinese petrochemical company, has made a quick return to the loan market with a $750m syndicated facility, six months after closing a club deal.