BNP Paribas

Reed Elsevier, the Anglo-Dutch business and technical publishing company, followed two of its closest peers into the bond market today, with a €350m floating rate issue.

Deoleo, the Spanish olive oil producer, set terms for its €600m-equivalent refinancing loan at a lender meeting on Tuesday.

BPCE is set, on Wednesday afternoon, to become the third French issuer to tap the senior market this week, opting for a five year as a change of tempo after two 10 year blowouts from French financials earlier in the week.

Sovereign, supranational and agency issuers have been basking in the heat of rampant investor demand this week, as deals from the eurozone core to the periphery have drawn blowout books at super tight spreads. Such has been the demand that borrowers of all stripes have been able to pick their choice of currency and tenor at leisure.

Telefónica is no rare bond issuer, but remarkably, it has not issued a substantial euro senior bond for nearly a year, having sold a €1.75bn hybrid in March.

Heathrow, the UK’s largest airport, joined the opportunistic euro bond issuance spate on Tuesday and achieved an astonishing success.

Crédit Agricole is set to price a blowout 10 year senior trade on Tuesday afternoon, the second oversubscribed deal in the maturity from a French bank this week.

The senior market experienced an explosion of activity on Tuesday following a quiet opening to the week, with three issuers taking to the belly of the curve to sell euro denominated deals. The five year area of the curve is expected to see more activity later in the week, as investors abandon the short end in search of yield.

Encouraging Indian election exit poll results, a recent rating upgrade and rarity value helped Bharti Airtel price a jumbo dual currency dual tranche issue on Monday. Voracious investor appetite enabled the issuer to price flat to its existing curve, but ample leftover demand could see a replay of the hefty taps the issuer made on its debut dollar and euro bonds last year.

Spanish olive oil producer Deoleo will hold bank meetings this week to raise a loan of around €600m to refinance debt.

Investors are opening up their portfolios to longer duration bonds after the ECB signaled it is likely to cut its benchmark rate in June, and BNP Paribas is taking hold of that demand to sell a 10 year senior bond on Monday.

Danske Bank has kicked off the week with a €500m no-grow tier two sale, bringing in a big book that bodes well for further supply from Bankia and others this week.