Barclays

AT&T, the US telecoms company, broke new ground in the European bond market on Wednesday by issuing a €2bn perpetual non-call five year preferred security.

World Bank mandated banks for a 10 year sterling deal on Wednesday — an extremely rare trade from a non-UK public sector borrower, but in line with the trend of issuers going out longer in the sterling curve.

Nordic banks Länsförsäkringar Bank (LF Bank) and Landsbankinn were able to offer “attractive value” in the preferred senior market this week, amid a general hunt for yield among credit investors.

Piraeus Bank took advantage of the recent hunt for yield in the euro market this week, pricing a new tier two with a yield of 5.5% on Wednesday. The €500m bond was eight times subscribed, which is testament to the prevailing hunt for yield in the bond market.

Two sterling public sector bond issues were announced on Tuesday, but aside from timing, the trades had little in common. The UK Debt Management Office printed £2.5bn at 50 years, while the International Finance Corp raised £350m with a seven year.

Société du Grand Paris impressed the SSA market on Tuesday with a series of superlatives. It sold its biggest ever bond with the longest ever maturity for a syndicated green bond in any asset class. The City of Munich hit another landmark with the first social bond from a European city.

Honeywell International, the US technology and manufacturing conglomerate, is heading to Europe for a bond issue, as Reverse Yankees continue to be popular.

British Telecommunications joined the red hot hybrid capital market on Tuesday, tightening the yield on its new bond by around 60bp during execution as investors clamoured for returns.

Swissport is looking to reprice its existing €850m term loan and add on another €50m, in a test of market appetite to tighten terms for companies with owners outside the top tier group of sponsors. The refi comes as reports suggest HNA Holdings, the Chinese conglomerate, is once again looking to sell the company after talks last year collapsed.

Akelius Residential Property, the Swedish property company, ratcheted in the yield on its hybrid capital issue by 50bp on Monday, setting the stage for a romping week of similar issuance as further names line up deals.

Société du Grand Paris and the City of Munich will break new ground in the socially responsible bond market this week as the pipeline for green and social debt from public sector borrowers builds.

First Abu Dhabi Bank signalled its intention to tap the sterling bond market on Monday, announcing investor calls for a short dated offering.