Commerzbank

Commerzbank and Crédit Mutuel Arkéa shared the spoils in the senior market on Thursday, with the pair tapping opposing ends of the curve and vastly different pools of investors.

Enel, the Italian power and gas company, proved that demand still exists in euros for chunky hybrid debt with a €2.2bn dual tranche deal on Wednesday that saw more than three times oversubscription at peak demand and offered no new issue concession.

Sixt, the German car rental company, has refinanced a coronavirus pandemic crisis era loan, swapping out domestic state support for a fully commercial bank line as vaccinations provide growth hopes.

KfW rebooted the short end of the euro public sector bond market on Tuesday with a well subscribed trade which offered a modest new issue premium. The deal shared the euro SSA market with the State of Baden-Württemberg’s debut green bond.

Four public sector borrowers announced new deals in the primary market on Monday ahead of the European Union’s much anticipated second transaction from its Support to mitigate Unemployment Risks in an Emergency programme this year, which is expected to arrive later in the week.

European Investment Bank — EIB

Commerzbank has long been recognised as a leader in the mid-cap loans segment, building on its decades of experience with the German Mittelstand to serve clients from dedicated hubs in Frankfurt, London, Paris, New York and Hong Kong.

BNP Paribas returned to the Swiss franc market to land a new senior non-preferred issue slightly inside its euro curve this week. In recent weeks, several foreign borrowers have tapped the market and, with tightening levels looking attractive, bankers are confident more could follow.

Glencore, the Swiss commodity trading company, got a lukewarm response from the euro bond market on Tuesday, as investors prepared their cash piles for a flurry of deals from rare and high beta names.

EnBW, the German electrical utility, and the financing arm of a Dutch truck company, DAF Paccar Financial, hit screens with highly rated euro trades on Monday. Central bank bond buying higher than forecast, pushed investors to oversubscribe the deals even though the spreads on offer were thin.

Hennes & Mauritz, the Swedish clothing retailer, earned blowout demand for its sustainability-linked debut bond, but bankers off the trade said on Thursday that the exuberance was indicative of just how far capital markets have strayed from reality.

The financial institutions bond market had its Roger Bannister moment this week, as Deutsche Kreditbank broke the zero yield barrier for the first time. Now that a German borrower has lifted the negative yield taboo, bankers expect even deeper yielding deals could follow.