Banks

KfW returned to the euro market on Tuesday for a tap of its euro May 2027 green bond. The deal offered a small new issue concession at the final spread, as the euro SSA pipeline winds down in the final months of the year.

The Province of Alberta came to market on Tuesday for a five year dollar global bond, paving the way for the Swedish Export Credit Corporation (SEK), which announced that it will hit the three year bucket on Wednesday.

Oil major Royal Dutch Shell hit the euro bond market on Tuesday with a three-tranche trade that had an eight year tranche as its shortest maturity, Syndicate bankers say European Central Bank bond buying is creating more demand further out along the maturity curve.

The European Union sent round a request for proposals (RFP) on Tuesday to dealers ahead of a €150m 15 year trade, following on from the EU’s €20m return to the MTN market last month.

BNP Paribas has won its first corporate broking mandates since launching a dedicated UK effort almost a year ago.

Caixa Economica Montepio Geral (Montepio) mandated leads for the second Portuguese covered bond of the year on Tuesday, and NordLB Luxembourg has signaled its intention to press ahead with its debut renewable energy covered bond following a roadshow.

The UK’s Inspired Energy, an energy procurement adviser, has signed a £60m facility from two lenders, as some loans bankers say the best way to deal with the shifting Brexit goalposts is to keep pushing ahead with sterling deals.

A flurry of new deals this week had issuers having to compete for investors’ attention. Bankers said that higher yielding deals were much easier to sell, with non-preferred senior bonds from Bankia and Lloyds Banking Group proving more popular than a tighter print from Belfius.

Danske Bank has made its second visit of the year to the euro tier two market, paying a much tighter spread for a deal that was otherwise identical to its earlier transaction. The Danish issuer has been subject to higher capital requirements in 2019, amid the fallout from a series of high profile money laundering investigations.

Radius Housing has become the first housing association from Northern Ireland to raise US private placements, selling £105m to fund social housing developments.

Central European telecommunications provider PPF Arena 1 has come to market for its second bond issue, after debuting earlier this year.

DNB Bank moved the pricing by 37.5bp on a new additional tier one (AT1) in the dollar market this week, becoming one of the first banks to break through the 5% pricing marker.