Barclays

Three issuers from France, Belgium and Germany raised €2.5bn in the covered bond market this week, and another €1bn transaction was expected from a Finnish issuer on Friday. The deals were all remarkable for the fact that the funding levels set new records for all issuers as the ECB’s allocation continued to grow, squeezing out other investors.

Fomento de Construcciones y Contratas's shareholders approved a €1bn capital increase at an extraordinary shareholders meeting on Thursday in Barcelona, allowing the Spanish building and environmental services company to begin restructuring a €4.5bn loan.

After a lengthy absence from sterling, Instituto de Crédito Oficial is keen to reestablish itself as a permanent name in the currency. The Spanish agency sold its first new issue in the sterling bond market in five years this week, while Finland came soon after with a five year.

mBank was back in the euro market on Thursday with a €500m seven year note. The Polish bank is looking to become a regular issuer and took the opportunity to extend its curve, printing with a 10bp-15bp new issue premium.

Israel Chemicals has released initial price thoughts for a 10 year note, copying the form set by Israel Electric — which printed the same tenor on November 5.

mBank was back in the euro market on Thursday with a seven year note. The Polish bank is looking to become a regular issuer and is taking the opportunity to extend its curve this time round.

Agricultural products supplier Olam International has mandated 19 banks for a $2.475bn triple tranche refinancing of a $2.22bn bridge loan that it sealed in May.

Israel Chemicals is out with initial price thoughts for a 10 year note and follows hot on the heels of Israel Electric which printed the same tenor on November 5.

Investors showed they were keen to get exposure to the India story, with orders flooding in for NTPC’s 10 year outing on November 19. US investors in particular, made up a good chunk of the book for the Reg S bond from India’s largest power generation company, which offered some much needed diversity away from China.

IBM launched an opportunistic euro bond issue on Wednesday, taking advantage of strong market conditions to sell €1bn of 8.5 year bonds with a minimal new issue premium - and according to one banker, much tighter than its dollar curve.

Bonds of UK pub companies fell on Wednesday after the House of Commons passed a surprise amendment to a bill, which if it becomes law will mean pub tenants can no longer be obliged to buy beer from their owners.

Finland returned to the sterling bond market on Wednesday with its first new deal in over a year. It came hot on the heels of Instituto de Crédito Oficial, which on Tuesday sold its first new issue in the currency in five years.