Banks

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Rating: Baa1/BBB/BBB-

This week was the busiest of the year so far for bank senior supply in euros, as issuers took advantage of strong market conditions after posting full year results.

Europe’s high grade bond investors showed they are still willing to swallow ultra-thin spreads this week, when Dutch leasing company LeasePlan priced a green bond well inside fair value and Deutsche Boerse won ample demand for a thinly priced €1bn deal.

The sustainability linked loan market hit two milestones this week with Anheuser-Busch InBev, the world’s biggest brewer, signing the largest ever revolver in the structure, and Carlyle Group making a similar claim for the US private equity market.

H&M, the Swedish clothing retail company, has received blowout demand for its debut bond, as the “perfect storm” of ESG criteria and European Central Bank rule changes to allow it to buy sustainability-linked bonds saw the order book bulge to almost 11 times subscribed at guidance.

WP Carey, the US REIT, has mandated for a euro bond through its Dutch subsidiary, as Europe’s syndicate bankers say that there are signs in the rates market that Reverse Yankees could become a popular choice again.

If you want to be Europe’s leading global investment bank, you've got to have a leading role in the UK, the region's biggest fee pool. And that means having a strong corporate broking platform, writes David Rothnie.

Intesa Sanpaolo launched a long awaited debut senior non-preferred deal on Wednesday. After having announced a large non-preferred funding programme last year, the bank has reduced its funding needs thanks to regulatory changes.

Credit Suisse and Barclays reported full year results on Thursday that showed each expanding market share in key areas — in equity capital markets and M&A for Credit Suisse, and the markets business for Barclays.

Hamburger Hochbahn, the city public transport operator, made its bond market debut on Wednesday, slotting into the market neatly with a €500m 10 year green bond and a €3bn order book.

Rabobank found good demand for a 12 year senior bond in the euro market this week, as it took advantage of rise in rates to land at a record tight spread.