Commerzbank

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.

Deutsche Lufthansa, Germany’s national airline, launched its first bond since 2009 on Friday September 5, at the remarkably tight spread of 75bp over mid-swaps — showing just how valuable a loyal following of domestic investors can be.

Lagardère, the unrated French media group, returned to the bond market on Wednesday with a successful €500m issue that showed how it has repositioned its credit as an investment grade issuer.

German kitchenware producer WMF has laid out price guidance on its €615m acquisition loan at a bank meeting this morning.

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.