BNP Paribas

Sparebank 1 priced a seven year senior preferred bond in green format on Wednesday at mid-swaps plus 65bp. The €500m bond attracted demand of €700m but leads were not able to tighten pricing to the full extent of their ambitions.

Raiffeisen Bank International sold a tier two bond this week, tightening pricing by 40bp. The trade was supported by hefty investor demand of €2.7bn, more than six times the deal's €500m size.

A new flurry of investment grade corporate bond issuers jumped into the market on Wednesday morning, after Danaher priced its €6.25bn five-tranche Reverse Yankee note. Getting that deal out of the way gave other corporate borrowers room to bring bonds of their own — and plenty are expected to in the run-up toe the European Central Bank's monetary policy announcement on September 12.

Financial institution investors, desperate for any sort of yield pick-up are keeping their cash away from secondaries in the hope of earning new issue concessions in a rejuvenated primary market.

Danaher printed its much anticipated €6.25bn jumbo bond issue on Tuesday. The US conglomerate, rated A2/A, focused its five tranches on intermediate to longer tenors, which corporate syndicate bankers took to indicate where many investors want to put their money.

The dollar SSA market burst into life on Tuesday, but some bankers say that the tight spreads and low yields on offer mean there is little guarantee any of the trades will be easy.

ING sold a dollar-denominated additional tier one (AT1) this week, adding an influx of supply in the asset class in recent weeks. It will have the option to redeem its new bonds twice a year after the first call date, instead of the usual five years in all of its outstanding bonds.

Credit Suisse was marketing a 10 year bullet senior bond on Tuesday, avoiding negative yields by choosing a tenor longer than seven years. At the same time, Sparebank 1 announced it was readying its green debut in senior format.

The regulator of China’s interbank bond market has given BNP Paribas and Deutsche Bank type A-licences that give them full underwriting access to the market. But the move has puzzled a number of bankers both onshore and offshore.

Agricultural Bank of China Singapore branch has raised a $200m green loan from seven banks, following in the footsteps of peer ICBC London, which signed a mandate letter for a green loan three months ago.

Two near-investment grade industrials made a splash in the high yield bond market on Monday, with both Smurfit Kappa and Thyssenkrupp getting their order books oversubscribed multiple times.

The investment grade corporate bond market appeared to be taking a more sedate pace this week compared to last week's stampede of new bond issues. There were three deals in the market on Monday, but the real action will begin once US borrowers and investors return from a public holiday on Tuesday, to be led by a deal from US conglomerate, Danaher.