Citi

Spain raised €8bn this week with its fourth syndication of the year, demonstrating that in spite of the Next Generation EU’s €20bn debut last week, the euro market still has plenty of depth. Concerns about hedge funds placing enormous orders are starting to recede, said bankers on the deal.

The ESG loan market has had a busy week, with Swedish ingredients company AAK and German container shipping firm Hapag-Lloyd agreeing sustainability-linked and green debt.

Italy brought a rare format to market on Thursday, selling its first syndicated CCTeu floating rate note in over a decade to extend its curve in this format of issuance.

NatWest jumped into a dollar market in search of additional tier one (AT1) paper on Wednesday morning, as investors shrugged off short term volatility to open their "deep pockets".

Vattenfall, the Swedish electricity company, powered through its euro hybrid capital funding levels with a debut sterling green hybrid this week, as the sterling market continues to provide ample support for borrowers.

Canada’s federal pensions manager, Public Sector Pension Investments, made its debut on the international bond market on Tuesday — and will soon be back for more. It was joined in the market by International Finance Corporation’s first ever bond linked to the Secured Overnight Financing Rate (Sofr).

UK speciality fibres and plastics maker Essentra has launched a private placement in what is the second deal from a listed UK corporate to hit the market in a matter of weeks. Market sources say more corporates, including some utilities, are set to return to the instrument after a dry spell since the coronavirus pandemic began.

Anadolu Efes Biracılık ve Malt Sanayii, the Turkish brewer, is seeking to issue a new dollar bond as it tenders for existing debt in the currency, just days after the Turkish sovereign reappeared in the debt capital markets.

China’s Full Truck Alliance (FTA), billed as an Uber-style service for trucks, has raised $1.56bn from its New York IPO. A wave of global demand pushed final pricing to the top of the guidance, said a banker close to the deal.

Vattenfall, the Swedish energy company, and UK care home operator Assura have mandated for sterling use of proceeds ESG deals, as sustainability bankers say that the sterling market is growing in popularity for issuance.

The Federal Reserve made a hawkish lurch at its meeting last week and the consequences are still rippling through rates markets with just two SSA borrowers attempting deals in what could prove volatile markets.

Spain was the only public sector borrower to announce a euro new issue on Monday as it mandated banks for a 10 year syndication.