Banks

Bank Nederlandse Gemeenten went ultra long in the euro market on Wednesday to issue its longest outstanding bond.

KfW priced through its curve on Wednesday as it wrapped up its green bond programme for the year with a more than three times subscribed trade.

Old Mutual has launched a sale of shares in Nedbank Group Ltd, one of South Africa’s largest banks, on behalf of some of its investors who could not receive them as part of the bank’s unbundling from the Old Mutual Group, which was announced last month.

Italy will give investors the chance to swap out of its earliest maturing BTP Italia for longer dated nominal bonds on Thursday as it attempts to reduce the size of the €20.5bn issue. The deal comes amid a calmer backdrop for BTP yields than over the last few months — a factor that helped determine the timing of the exchange, said one of the leads.

Toronto Dominion (TD) attracted stronger demand on Tuesday than Royal Bank of Canada’s three year dollar benchmark did the day before, and accordingly was able to issue in a larger size.

The UK’s Ithaca Energy has signed $700m of loans, five months after pulling out of a high yield bond deal.

ADO Properties has been downgraded by Moody’s while marketing a Schuldschein transaction, forcing the lead arrangers to issue “substantial repricings”, according to a Schuldschein player familiar with the deal.

CaixaBank proved popular this week on its return to the non-preferred senior bond market, raising €1bn and welcoming more than two times as many orders.

Turkey passed its first test of investor sentiment on Tuesday night, returning to international capital markets with a $2bn five year deal after an absence of six months while the country had a brush with economic and diplomatic chaos.

United Arab Emirates-based National Central Cooling Company (Tabreed) is embarking on a roadshow to market a debut senior unsecured dollar Reg S sukuk.

Secondary spreads in corporate bonds have widened in October, somewhat in line with the sell-off in all global markets. US credit spreads have suffered more than European, but some investors don’t see the move as material, for now.

The European Stability Mechanism priced its second ever dollar benchmark at a “fair” level of around 5bp over European Investment Bank’s September 2020, according to onlooking SSA bankers. Elsewhere in the dollar SSA market, Inter-American Development and NRW.Bank mandated banks for floating rate notes.