Banks

Eni saw chunky demand for the first Italian corporate bond sold since the coronavirus pandemic hit markets in March, but it had to pay up over its curve compered to oil industry peers from outside Italy.

Five public sector borrowers are marketing dollar bonds across the curve kicking off what it is expected to be a busy week in the currency.

Eurofima, the supranational institution that finances European rolling stock, is planning to bring a euro green bond with a 10 year maturity. The European Stability Mechanism kicked off the euro supranational bond market this week with a €1.5bn tap on Monday to complete its benchmark funding needs for the quarter.

Rubis Terminal looks set to make the first European high yield debut since the coronavirus crisis hit, announcing a new €410m issue to fund a minority investment by I Squared Capital. Business has boomed at the company, which operates bulk liquid storage, thanks to the collapsing oil price.

SEB offered investors a negative new issue premium with its preferred senior deal on Monday. With conditions consistently improving for European issuers, this deal has shown that the market is ripe for issuance in the format.

The Republic of Serbia hit euro markets on Monday as it worked to stack up funding for its fight against the Covid-19 coronavirus, selling a seven year bond.

The lure of prestigious, fee-paying Bund syndications has driven banks to up their bids in Germany’s auctions, driving up the bid to cover ratio on its auctions and bringing down the sovereign’s cost of funds.

Asian Infrastructure Investment Bank is preparing to issue a global sustainable development bond as early as next week to finance its newly created Crisis Recovery Facility aimed at mitigating the economic impact of the coronavirus pandemic.

Eni, the oil and gas company, became the first Italian corporate to open books on a syndicated bond since the coronavirus pandemic sent markets went haywire in March, as syndicate bankers say issuance levels will ramp up sharply in the coming days.

Deutsche Bank sold a new tier two on Monday while offering to buy back some of its non-preferred senior debt from investors. The liability management exercise will help the issuer adapt its balance sheet to a new regulatory environment amid Covid-19.

Peijia Medical bagged HK$2.34bn ($302m) from its IPO after winning huge support from institutional and retail investors, according to a source close to the deal.

Monday started on a quiet note for Asia’s bond market, with Indonesia’s Asahan Aluminium (Inalum) the only issuer to venture out. While deal windows are open, bankers say that borrowers are taking it slow.