BNP Paribas

Investors jumped on the opportunity to buy euro bonds with a positive yield in the public sector market this week as KfW and Kommunalbanken sold 15 and 10 year bonds respectively, with the latter returning to the currency for a benchmark for the first time since 2017.

Asian Development Bank came tight to its curve as it printed its second euro green bond this week — and its largest — following its debut last year.

Kommunalbanken was almost twice covered for its 10 year euro trade on Thursday as it returned for its first benchmark in the currency since 2017.

VodafoneZiggo, the Dutch telecoms joint venture evenly split between Liberty Global and Vodafone, is raising €3.1bn in fresh capital. It joins industry peers such as Salt, Wind Hellas and Altice France who have rushed to the market this autumn to take advantage of favourable conditions.

Kommunalbanken has picked the banks to lead its first euro benchmark since 2017, while the European Stability Mechanism has sent out a request for proposals for its upcoming transaction.

Mann+Hummel, a veteran borrower in the Schuldschein market, struggled to place a Schuldschein, according to market sources, with participants citing ZF Friedrichshafen’s blockbuster transaction as well as the market’s over-indulgence in the auto sector this year as chief reasons.

Banque Ouest Africaine de Développement (BOAD) was able to tighten pricing beyond guidance on a 12 year bond, one of its longest dated issues, this week.

The postponement of Argenta Spaarbank’s non-preferred senior bond on Tuesday was a reminder that investors are not taking a shine to everything sent their way in the market. The large volume of trades this year has prompted investors to become “selective” about what they buy, analysts at Rabobank said.

China Construction Bank returned to the international bond market on Tuesday, turning to dollar and euro investors with two separately-executed deals worth a combined $1.551 billion.

Genius Auto Finance will come back to the Chinese auto loan ABS market for a Rmb4bn ($564m) trade next week. That is the same size as its last deal, but the originator will scrap the mezzanine tranche this time around.

The UK’s Informa brought a €500m no-grow bond on Tuesday, a deal for the publishing and events company that won praise from onlooking bankers.

Investors pounced on the opportunity to buy a bond with a positive yield in the euro market by KfW on Tuesday. Elsewhere, the Asian Development Bank drew strong demand to sell its biggest ever green bond in euros following its debut in 2018.