BNP Paribas

Elis, the French workwear and laundry group, took advantage of a corporate bond market eager for yieldy paper on Tuesday by issuing a €500m five year high yield bond that found a friendly reception.

Public sector borrowers were able to achieve zero or negative new issue premiums and close books early in the euro market on Tuesday as investors piled into haven assets amid a weaker outlook for global growth.

The European Financial Stability Facility appointed banks on Tuesday for its first euro benchmark of the second quarter, which will be issued with a 16 year maturity – a part of the euro curve that has become increasingly attractive as bank treasuries head to the long end in search for bigger returns.

Fiat Chrysler Automobiles has extended the maturity of its €6.25bn syndicated bank facility, as loan market activity picks up at the beginning of the second quarter.

Eager demand for hybrid capital issues, amid an environment of low rates, was on show again on Monday, when LafargeHolcim issued its first big deal of this kind. The pricing was tightened by an exceptional amount during the bookbuild — 69bp.

Otto, the family-owned German online and catalogue retailer, brought its first sustainable bond issue on Thursday. But despite it offering an interesting new flavour to green bond investors, the deal's sale produced an underwhelming result.

Following European bond issues by Volkswagen Financial Services, Volvo Car and RCI Banque last week, another car company entered the market on Monday. Toyota Finance Australia issued a two and five year bond that showed the market was very much open for business and full of demand.

Loxam, the France-based equipment rental company, is refinancing a secured and subordinated high yield bond with a twin tranche new issue this week.

A trio of public sector borrowers hit screens with mandates on Monday ahead of what SSA bankers say will be a busy week of supply following a glut of benchmark issuance towards the end of the first quarter.

The IPO of Stadler Rail, the Swiss train manufacturer, is already covered after opening the books on its Sfr1.4bn IPO on the SIX Swiss Exchange on Monday morning, according to a banker involved in the deal.

Country Garden Holdings Co raised $1.5bn in a dual tranche trade on Thursday. The longer dated tranche, a seven year tenor, is the longest dated bond from a high yield property borrower this year.

Bank of Baroda returned to the market on Thursday to sell its first dollar deal in nearly five years. The bank, acting through its London Branch, raised $800m in a sale that came just days before its expected merger with Vijaya Bank and Dena Bank.