Banks

French electricity utility EDF continued a busy September with the first hybrid corporate bond deal in the euro market for more than two months on Tuesday. It also sold a new senior trade in euros, following a $3.75bn triple tranche deal in the US the previous week.

Republic of Hungary

German publishing company Bertelsmann returned to the euro corporate bond market on Tuesday to re-market a deal it had pulled in May after setting the spread. This time the issuer priced the transaction at what was seen as a more realistic spread, but the high premium was in part due to the illiquidity of the secondary curve.

A sale of shares Basic Fit by 3i was greeted warmly by investors on Wednesday night, but fell in trading on Thursday.

World Bank blew the doors off its first bond referenced to the Sonia benchmark on Thursday, setting a new record for non-UK sterling SSA supply in the process.

This week Royal Bank of Canada became the first bank to issue a senior bond complying with the country’s new bail-in regime. It paid a 10bp-12bp premium over the legacy senior curve.

The UK’s Helical has signed a £150m deal from UK banks, bringing the property developer’s revolving credit lines into one facility.

Société Générale has come to the market for the fifth time this month, looking to raise additional tier one capital in dollars. Initial price thoughts were seen as closer to fair value than for other recent AT1s.

UniCredit CIB announced six appointments in its Paris office, with Laurence Fraissinet-Dubois becoming deputy country manager, as well as a senior banker covering major French corporates, and Florent Ciecka made a senior relationship manager.

French certification agency Bureau Veritas had its credentials stamped by investors on Thursday when it sold its third deal in three years. The unrated issuer received €1bn of demand for its €500m long six year deal.

BNP Paribas Fortis managed to get an oversubscribed order book for its seven year covered bond and priced the deal inside the previous Belgian issue from ING. However, the deal was unusually slow to build and, with market conditions deteriorating, spreads are expected to widen.

TD Securities has hired a FIG banker from Barclays into a new job in its European origination team