BNP Paribas

Barclays and BNP Paribas became the first European banks to tap the Yankee market for subordinated paper for almost a month this week.

Orange returned to the European benchmark bond market on Tuesday after a two year hiatus, as it issued a €750m nine year transaction that benefited from the company's infrequent issuance.

Inovyn, the UK-headquartered PVC producer 50% owned by Ineos, and Telenet, the Belgium broadband services provider owned by Liberty Global, both had replies due on Thursday for loan packages.

After a week of no new paper in CEEMEA, EM bankers are looking forward to a busier next week as four bonds are slated from the region and the market looks supportive enough to allow issuers to pull the trigger.

Mubadala Development Company has set the size of its bond at $500m and meetings for the deal are so far going well, said a banker close to the deal on Thursday.

Italy’s scramble to prop up its weaker banks has halted what had been a strengthening rally in periphery bank debt last month, with the most recent deals all widening this week.

Rexel, the French distributor of electrical supplies, on Wednesday sold €650m of unsecured notes on a day when investment grade buyers moved into the high yield market.

Wendel, the French investment company, made a bold move on Tuesday night to reduce its stake in Saint-Gobain, the glass and building materials group that is one of its main holdings.

Spanish car parts maker Gestamp on Wednesday priced a €500m secured bond to redeem all of its old euro notes at first call.

The European corporate bond market hit a bump in the road on Wednesday as unrated Altrad pulled a sub-benchmark sized transaction during a busy day of primary activity.

The world’s largest salt producer, K+S AG, has signed its first Schuldschein, a €600m deal.

Three CEEMEA issuers kicked off the week by mandating for bonds, but little is expected to be printed this week because of the short working week in Europe and a softer market tone.