Commerzbank

Vallourec, the French oil and gas pipelines maker, is set to issue a €500m no-grow 10 year bond on Tuesday.

Monday was a soft day for equities and credit spreads, but BP had little if any hesitation in launching its second large euro bond of the year. The UK oil company’s deal was the eighth big dual tranche deal in euros since BMW set the fashion on August 26.

Hana Bank has mandated six banks to work on the second US dollar denominated Basel III tier two bond from a South Korean lender with investor meetings scheduled to start on September 22.

Rating: Aa1/AA-/AAA

A trio of SSA borrowers squeezed into a narrow window of issuance this week to enjoy exceptionally strong conditions in dollars. Origination bankers will be beating at the doors of any funding officials that still have work to do this year to persuade them to mandate for next week and take advantage.

Dutch credit insurer Atradius sold its first bond for 10 years on Tuesday, a long-dated subordinated note. Scor, another rare issuer, is in the market for a sub trade of its own in the near future, mandating banks to arrange investor meetings for a dual tranche deal denominated in euros and Swiss francs.

Bank Rakyat Indonesia, which started sounding out lenders for a fresh fundraising in early May, has signed its $370m three year loan with a club of seven banks.

WPP, the UK advertising group, launched its first bond of the year on Monday, hitting the market without warning and raising €750m. The strong reception to the deal suggested investors were not worried about buying into a company in a cyclical industry, despite Europe’s economic weakness, nor into a UK name, in the week that Scotland may vote to break up the union.

Aareal Bank capitalised on the momentum created by the two successful French deals issued through mid-swaps on Monday and Tuesday by bringing forward plans to issue a euro-denominated Pfandbrief. It opened books on a three year deal on Wednesday rather than waiting until next week.

The covered bond market passed another milestone this week with Caisse Française de Financement Local (Caffil) and Compagnie de Financement Foncier (CFF) attracting book sizes that were reminiscent of the high yielding peripheral transactions seen a year ago, but at spreads well through mid-swaps.

Delachaux - Co-op Pharmacy - Corialis - Averys - HSE24 - WMF - Cheminova

Allianz continued a strong run of deals for insurers on Thursday, drawing a large order book for a perpetual trade. Attractive levels compared to bank bonds are driving the trades, according to syndicate managers.