BBVA

BNP Paribas has made three recent hires for its emerging markets team in London — one person each for syndicate, debt capital markets and ratings advisory.

SLB champion prints biggest SLB in euros as Gasunie lines up

Spain achieves highest subscription level for a debut syndicated green bond by a European sovereign

Rating: Baa1/A/A-

Two public sector borrowers shine with first green and sustainability bonds

Issuers pile into market but demand still outweighs supply

20 years the sweet spot for US corporate issuers in euros

Investment grade corporate debt market revs up for risk as subordinated trades mark first supply in a fortnight

The disparity between ratings and spread levels was highlighted in the euro high grade corporate bond market on Wednesday, after German conglomerate JAB Holdings opened books on a deal 40bp wide of lower rated Italian utility A2A, despite the same maturity and size.

Alstom, the French rolling stock maker, has signed a €400m green guarantee facility, as this still highly niche part of the green finance market continues to grow.

Europe’s high grade corporations are lining up bond issues in euro and sterling for this week, which could be the last before the market slows down for a summer break. Meanwhile, analysts and investors agree that there is considerable room for borrowers to sharply ramp up primary market activity in the next session.

UniCredit plans to make labelled financing a regular part of its funding across the group, following the launch of its debut labelled bond this week. Its first deal proved popular as it stacked up more than €3.25bn of demand.