Banks

Cellnex, the acquisition-hungry Spanish telecoms infrastructure company, proved the demand for riskier corporate credit on Tuesday, while Akelius, a Swedish residential property management company, was able to increase the size of its deal during book building, as syndicate bankers expect issuance this week to top €10bn.

Ørsted, the Danish power company, has mandated for its first green hybrid capital issue in sterling, as subordinated green, social and sustainability debt is tipped to continue finding chunky demand from investors this year.

The Asian Development Bank has sold its first ever education bond. The proceeds will go towards financing technical and vocational training for educators in the Asia Pacific region.

Norway began taking indications of interest on Tuesday for its fifth ever syndicated transaction as it continues its path towards becoming a regular issuer of public benchmark bonds.

The European Investment Bank became the latest SSA to hit the unusually popular 10 year dollar bucket on Tuesday, raising an impressive $4bn. The European supra was joined at five years by a jumbo trade from Caisse d’Amortissement de la Dette Sociale.

KommuneKredit dropped into the Swiss franc market on Tuesday to make its first appearance in the currency since June 2015.

Galaxy Pipeline Assets Bidco, an investor consortium that leased pipelines from Abu Dhabi National Oil Company (Adnoc) last year in a partnership deal, sold a $3.9bn senior secured dual tranche bond this week, just months after raising $4bn.

Egypt and the Ivory Coast sold bonds on Monday that were heavily oversubscribed and offered little to no new issue concession. The trades, sources said, were evidence that volatility in global markets has had little impact on high yielding debt — though questions linger around investment grade EM issuance.

After taking an aggressive approach for its last syndication in January which resulted in a shocking loss of over €75bn of orders, Spain returned to a more moderate and conventional pricing process as it came to the market for a new 50 year bond on Tuesday.

Market participants expect banks will return with a flurry of senior transactions after results this week, as rising yields help to lift primary demand.

Michael Spitz, the CEO of Main Incubator, Commerzbank’s research and development arm, is leaving the bank.

A senior ETF manager at Invesco says it has become much harder for active funds to beat additional tier one indices, with the market having grown increasing homogenous in recent years.