Commerzbank

The debut covered bond of BNP Paribas Fortis and the first in four years from SNS Bank were priced on Monday with virtually no new issue concession to healthy levels of subscription.

Turkey shrugged of its second downgrade to junk on Friday to print a $1.5bn reopening of its 2026s. And if a sovereign bond was not proof enough that it is capital markets business as usual for the country, state-owned Turkiye Is Bankasi AS (Isbank) was out with a long five year on Monday morning.

Including redemptions and central bank buying, the investable eurozone covered bond market has shrunk almost €80bn so far this year. No surprise, then, that three seven year deals issued this week by Ibercaja, Banco Sabadell and Bank of Montreal were swamped with demand.

Irish aircraft lessor Goshawk launched a $75m Schuldschein after landing a $345m syndicated loan in June and its first unsecured bond issue to US investors in August.

Including redemptions and central bank buying the investable eurozone covered bond market has shrunk almost €80bn so far this year. No surprise then that seven year deals issued on Thursday by Banco Sabadell and Bank of Montreal were swamped and priced with virtually no concession.

Ecom Agroindustrial, the Switzerland based commodities trader, has concluded the refinancing of a $635m one year loan, drawing in six new banks.

African Export-Import Bank is close to announcing the lead banks in its $750m loan, in a deal which will have a large top tier, according to one banker.

Infrastructure and renewable energy firm Acciona is marketing a €100m green promissory note, one of only a handful of green Schuldscheine ever completed and a rare deal from a Spanish borrower.

French sugar and alcohol producer Tereos on Wednesday sold a tap of its 2023 bond. It plans to use the offering’s proceeds to repay high cost bank credit facilities.

Rights of Informa, the UK business and academic publishing and events company, began trading separately from its shares this week. Both have traded down, but the ratio between the prices remains satisfactory.

Investment grade corporate issuers hit the euro bond markets in force on Tuesday with five primary transactions in play, but defensive deal sizes characterised the frantic flow.

The European Stability Mechanism (ESM) and the Société de Financement Local (SFIL) sold benchmark debt to an increasingly welcoming market for euro-denominated paper on Tuesday.