Commerzbank

Ingenico had never issued a bond before this week, but its name is becoming ubiquitous as a maker of card payment devices in shops. That recognition helped it make a successful bond debut on Tuesday, raising €450m at a spread comparable with peers’ secondary levels – without the concession that an unrated debut borrower would usually pay in a less bullish market.

Syndicate bankers hailed a return to form for senior debt this week, following a string of blowout deals. Given a week with no holidays to disrupt the market, financials reacted with gusto and printed around €12bn of senior debt, with investors stepping up to absorb the tide of issuance.

Noble Group, a supplier of agricultural and energy products, metals and minerals, has increased the final size of its loan to $2bn from the launch size of $1.35bn, with an impressive showing in syndication as some 40 banks joined.

Linde, the German industrial gases group, has the euro bond market at its disposal this year. It hardly needs to issue this year, having just a $400m Eurodollar bond to redeem in November.

Market participants are taking on unnecessary exposure and ignoring credit risk in the search for yield in fx as volatility continues to remain at abnormally low levels, according to strategists.

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.

German construction group Hochtief has extended €2bn of loans by five years through its existing bank syndicate.

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.

Yield-chasing European investors are snapping up paper from Middle Eastern banks, which are having their busiest year ever in euro private placements. Mashreq Bank has taken advantage of the demand to print its first ever deal in euros.

Noble Group, a supplier of agricultural and energy products, metals and minerals, has increased the final size of its loan to $2bn from the launch size of $1.35bn, with an impressive showing in syndication that saw some 40 banks join in.

Commerzbank racked up pre-tax profits of €324m in the first quarter, up from a loss of €29m in the same quarter the year before. The bank made a profit despite dismal trading conditions for the fixed income and currencies business.

Nets — Stahl — Schaeffler — Excellia Group