BNP Paribas

Crédit Agricole raised €3.25bn as it issued the biggest euro covered bond benchmark since 2007 on Wednesday, achieving a competitive cost of term funding at historically cheap rates.

After a quiet week in which only two benchmark deals took place — including a debut euro benchmark from Finland's Municipality Finance — the sovereign, supranational and agency market is eagerly awaiting a deal from the European Stability Mechanism.

Banque Fédérative du Crédit Mutuel secured the third euro tier two bond this week alone on Thursday, as investors show a continued appetite for riskier bank debt in a search for greater yields.

The Republic of Bulgaria is fully funded for 2016 and the international bond it printed earlier this week will be its only one for the year, according to deputy minister of finance Karina Karaivanova.

A spectacular spectrum of FIG issuers stormed into the bond markets this week as the European Central Bank’s latest round of stimulus squeezed spreads tighter and investors finally caved in to the bulging pipeline of deals. With Easter fast approaching, there is little sign of issuance slowing, writes Tyler Davies.

Shinhan Bank is looking to tie up its first tier two bond in the international market, launching an up to $500m offering on Thursday.

Anheuser-Busch InBev took Europe’s rocking corporate bond market to another level on Wednesday, as the Belgium headquartered brewer raised the largest ever euro-denominated corporate bond.

KommuneKredit has printed a no-grow €1bn seven year from an oversubscribed book, becoming the second Nordic agency to do a euro benchmark deal this week.

Commerzbank launched a €1bn 10 year tier two transaction first marketed in January on Wednesday, as investors continued to commit in large numbers to new subordinated bank debt offerings.

The €150m floating rate note issued on Tuesday by Parex Group, the French construction chemicals manufacturer, has single-B ratings. However, high yield market participants said they need to see more issues before being able to draw clear conclusions about pricing for single-B issuers.

Caisse d'Amortissement de la Dette Sociale found strong demand at the five year part of the dollar curve on Tuesday, as L-Bank delayed a deal in the same currency and tenor.

KommuneKredit is set to print a seven year euro deal on Wednesday, following a debut euro benchmark from Municipality Finance in the form of a €1bn October 2021 on Tuesday.