BNP Paribas

Municipality Finance will be holding a series of investor calls next week as it looks to issue its inaugural social bond following the publication of a framework earlier this year.

FIG bankers say that market conditions are ripe for capital deals, but that issuers are starting to run out of room for more subordinated debt.

Aveva, the UK software company, is buying US industrial software firm OSIsoft for an enterprise value of $5bn, with billions of dollars in bridge financing in place as the acquisitive company prepares a chunky equity raise.

The State of North Rhine-Westphalia and Nederlandse Waterschapsbank rebooted the long of the euro SSA curve on Wednesday with well subscribed deals and minimal new issue premiums.

US insurance company Athene Holding this week sold its second funding agreement-backed security (Fabs) in euros, just a couple of months after making its debut in the currency.

Activity in the financial institutions bond market has picked up this week after a long pause in euro supply. Danske Bank and Belfius Bank were among the names looking to capitalise on the improving market conditions on Wednesday.

Investors piled into European corporate hybrids again on Tuesday, with Belgian chemical firm Solvay and Austrian oil company OMV out with well received trades.

The State of North Rhine-Westphalia and Nederlandse Waterschapsbank will be the first two public sector borrowers to test investors’ appetite for euro deals in the long end of the curve following the summer break.

The State of Baden-Wuerttemberg only managed to sell around half of its €1bn 10 year bond to investors on Tuesday as it came flat or slightly through its curve alongside competing supply in the tenor.

Bank credit investors are showing they won’t be forced into buying every new euro deal after the summer break, as they appear content to wait for further supply.

South Korea telecommunications operator KT Corp broke a three-year hiatus from the bond market on Monday to raise $400m.

The European Investment Bank will re-open the euro public sector bond new issue market for the last funding period of the year. Further issuers are expected to appear this week, trying to get in before the European Union’s giant borrowing programme begins.