BNP Paribas

Teva, the Israeli-US pharmaceutical company, priced a $2.1bn bond package at the tighter end of the initial price thoughts this week. While it is yet to come to a settlement over its alleged involvement in the US opioid crisis, investors were happy to jump aboard a rare double-B issue yielding up to 7%.

The Kingdom of Morocco moved from roadshow to deal execution on Thursday with a 12 year bond that looked set for tight pricing.

Israeli-US pharmaceutical company Teva has priced a $2.1bn bond package at the tighter end of initial price thoughts. Although Teva is still to sign a binding global settlement on its involvement in the opioid crisis, investors were happy to jump aboard a rare double-B issue yielding as much as 7%.

Immobiliare Grande Distribuzione, a crossover-rated Italian property company, brought a sub-benchmark five year bond on Wednesday and shaved 25bp off the spread during execution.

France’s SNCF has signed a €3.5bn sustainability-linked loan, with the state-owned railway company only able to use the facility from the start of next year after the country’s reform bill is enacted.

The euro corporate bond new issue market was full of smaller deals on Tuesday, for Japan Tobacco, Hitachi and Naturgy, but investors were preparing for the onslaught of jumbo transactions which they knew were coming on Wednesday and Thursday.

The sterling public sector bond market was alive on Tuesday as the UK sold the penultimate syndication of its financial year and Caisse des Dépôts et Consignations returned to the currency for the first time since January 2018.

Legal & General Group (L&G) was four times subscribed for a £600m tier two in the sterling market this week, as it looked to strengthen its capital position.

Three companies piled into the euro bond market on Monday, but the deals drew mixed reactions. Two standard investment grade issues from LafargeHolcim and Ford Motor Credit appeared to fare better than a rare green hybrid from Citycon paying a juicy yield.

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Australia and New Zealand Banking Group Limited (ANZ) launched a new sustainable tier two on Friday. Looking to broaden its investor universe in the euro market and enlarge its tier two buffer after changes in Australian regulation, ANZ’s deal attracted orders of 2.5 times its €1bn size.

India's Adani Transmission wooed investors to a $500m long-dated bond issuance on Thursday, offering them some concession for the amortising nature of the notes.