BNP Paribas

Spain showed that a 50 year euro benchmark is not just the preserve of core eurozone sovereign issuers on Wednesday and had plenty of leftover demand to suggest that Italy could follow with a half century bond of its own.

The European Investment Bank printed a three year dollar benchmark on Wednesday, joining other issuers this week in staying at the short end of the curve.

Uncertainty regarding the outcome of the US Federal Open Market Committee’s (FOMC) meeting in June drove public sector borrowers to target the short end of the dollar curve this week, said bankers.

Spain has nipped in ahead of its eurozone periphery peer Italy, mandating banks for a debut 50 year euro benchmark on the same day that the Community of Madrid had a strong showing at the short end and Greek yields rallied across the curve.

Public sector issuers are printing at the short end of the dollar curve, a tactic they are likely to stick to in the build-up to the next US Federal Reserve rate decision on June 15, said bankers.

CNH Industrial, the Netherlands based agricultural equipment manufacturer, issued €500m of seven year notes on Tuesday, continuing the corporate bond market's run of double-B issuance as single B deal flow also begins to pick up.

Mubadala Development Company demonstrated just how much hunger exists for Abu Dhabi credit on Monday, printing its $500m 2.75% 2023s from a book of $5.1bn.

Loans for financial institutions continue to flourish in general syndication, with deals for State Bank of India and Malaysia's Maybank progressing smoothly.

Aeronautics and space company Airbus on Monday offered investors a €1.5bn two tranche bond in a market that is becoming ever more issuer-friendly.

Oil company Shell printed a €1.75bn bond on Monday as it joined another three issuers printing almost €6bn of bonds in the European corporate investment grade market.

Biopharmaceutical company AstraZeneca hit a frenzied corporate bond market on Monday with a €2.2bn three tranche bond that contributed to around €6bn of primary supply that day.

BNP Paribas could let go of up to 40 people in its Asia cash equities unit, affecting about 20% of the division's workforce in the region, as it seeks a buffer against the continued soft patch in the market.