Crédit Agricole

UBI Banca launched a €500m non-preferred senior bond this week, supported by orders of €1.4bn at peak, but it had to pay a new issue premium, according to a FIG banker.

Crédit Agricole launched a non-preferred senior bond on Monday in green format, attracting investors who put in over €2.3bn of orders at guidance.

Industrial and Commercial Bank of China raised $1bn from two Libor-linked floating rate notes (FRNs) at record tight levels, a day after its peer Bank of China paid up to issue Asia’s first dollar floater tied to a new benchmark.

Enel, the Italian power and gas company that is the first, and only, issuer of bonds with sustainability-linked coupons, proved this week that the structure appeals to European green-minded investors, by raising €2.5bn at a spread several basis points tighter than it could have achieved with a normal bond. Jon Hay and Mike Turner report.

Rating: Aaa/AAA

The International Development Association made a huge splash this week with its first euro benchmark. The supranational is aiming to carve out a large and diversified funding programme consisting of various currencies and private placements.

Bank of China broke new ground for Asia this week with the region’s first floating rate bond linked to the secured overnight financing rate (Sofr). But a host of challenges around payment calculations and liquidity mean other issuers will be slower to embrace this new benchmark. Addison Gong reports.

The International Development Association (IDA) priced its debut euro benchmark around 5bp wider than its sister issuer, the World Bank, according to the leads.

Enel, the Italian electricity and gas company, held investor calls today for its first trial of its new sustainability-linked bond structure in euros, likely to be launched tomorrow. The deal has a more complex structure than the $1.5bn bond with which Enel introduced this technique to the bond market for the first time in early September, in that it contains tranches with different triggers.

The Export-Import Bank of China (Chexim) came to the bond market in two currencies on Tuesday to raise $1.068bn, pricing the euro tranche at an impressive zero coupon.

Greece and the Province of Québec won strong books in the euro public sector bond market on Tuesday, with the latter returning to the currency for the first time since June 2018. An attractive basis swap for dollar funders to issue in euros has tempted the International Development Association (IDA) out on screens for its first euro benchmark.

CK Hutchison, the Hong Kong conglomerate, took more than €10bn of orders on Tuesday for a six-tranche bond in euros and sterling as it opted not to squeeze the pricing as much as other recent deals.