BNP Paribas

There were no issues of competing supply on Tuesday as three eurozone sovereigns amassed big order books, buoyed by last week’s expansion of the Pandemic Emergency Purchase Programme (Pepp).

Northern Powergrid, the UK energy distribution company, brought the longest sterling deal of the year so far with a 42 year trade on Tuesday, as syndicate bankers say that European investors are keen to see more long duration trades.

Raiffeisen Bank International launched a tier two bond in euros on Tuesday with investors still showing strong appetite for risk. But a smaller order book for the trade suggested that market conditions might be softening compared with recent trading sessions.

UniCredit is only the second Italian bank to have accessed public primary bond markets during the coronavirus pandemic, but other lenders from the periphery of the eurozone are now lining up to bring deals of their own.

Hong Kong’s Champion Reit sold a tightly priced $300m bond on Monday, enticing investors with its rarity in the international market.

Central China Real Estate and Greenland Holding Group Co raised a combined $900m in the international debt market on Monday.

Hong Kong's Cathay Pacific Airways is planning a HK$11.7bn ($1.5bn) rights issue as part of a multi-billion dollar government-led recapitalisation.

The corporate bond market made a promising start to the week with oil company OMV’s dual tranche bonds and Deutsche Börse’s hybrid trade commanding sizeable books and big price moves, which bodes well for the spate of mandates that have landed on investors’ screens.

Spain and SNCF SA announced new euro benchmarks with 20 year maturities on Monday, following the European Investment Bank’s record-breaking effort in the tenor last Friday.

Hella, the German car parts maker, has signed a €500m syndicated revolving credit facility, as lenders highlight the sector as one of the most likely to feel long-term economic damage from the coronavirus pandemic.

Greece and Ireland are set to test the primary bond market this week, returning to one buoyed by a fresh injection of confidence after the European Central Bank expanded its Pndemic Emergency Purchase Programme (Pepp) last week.

La Banque Postale and Société Générale took advantage of favourable conditions in the financial institutions bond market on Monday to launch non-preferred senior deals in euros and make progress towards completing their 2020 funding plans.