Crédit Agricole
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Ferrovie dello Stato Italiane, Italy's state railway company, launched a €700m seven year green bond into an otherwise empty corporate bond market on Thursday. The Independence Day holiday in the US kept markets quiet this week, and eager investors may be frustrated next week too. -
The autonomous region of Azores mandated two banks on Thursday for its first visit to the debt capital markets since 2016 and what could be its largest ever bond.
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Municipality Finance is looking to publish its social bond framework this year ahead of a debut bond in the format, as it looks to extend its offering of socially responsible bonds.
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Swedish car manufacturer Volvo made its debut in Hong Kong dollars on Wednesday amid increasing tensions and unrest in the city.
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An undersupplied sterling bond market was on Wednesday given two new corporate deals to chew on: a £350m three year from carmaker BMW and a £250m no-grow eight year from UK retailer Marks & Spencer. Abertis Infraestructuras, the Spanish roll road operator, also offered a €1.3bn six and 10 year deal.
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Korea Development Bank (KDB) tapped the green investor base in Europe for its latest euro bond, achieving a record low funding cost and an unprecedented 0% coupon for a South Korean issuer.
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Austrian agency Asfinag won a big order book on Tuesday, allowing it to price 3bp tighter than guidance, in a 10 year tenor the issuer hasn't accessed since 2009. Municipality Finance and the German federal state of Lower Saxony will add to the euro SSA supply on Wednesday with a 10 year green bond and a seven year benchmark, respectively.
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US-based energy trading firm Castleton Commodities International has signed $2.775bn of loan facilities, with European banks making up a large part of the group.
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With emerging markets loan volumes half of what they were by this time last year, syndicate staff are facing job cuts and increased pressure to find ways to compete for what scraps of business there are. The battlegrounds will be pricing and covenants.
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A renewed appetite for risk was felt in Europe's corporate bond market this week, after US president Donald Trump appeared to have made overtures to the leaders of China and North Korea. Two issuers took advantage: Merck of Germany, with an acquisition financing, and ArcelorMittal, with a modest tap.
