Crédit Agricole

Four new corporate bonds hit the market on Wednesday. In a change from recent days, all the deals were of moderate size and single tranched. Terna, the Italian grid operator, and Banque PSA France were typical in launching €500m no-grow deals. Book sizes diverged strongly, with those two issuers getting heavy oversubscription, while Aroundtown and Voestalpine had much less.

The European Financial Stability Facility and Council of Europe Development Bank left little on the table with their euro bond issues on Wednesday. More supply is expected, as three more borrowers have picked banks for deals expected this week.

ABB, the Swiss-Swedish machinery maker, issued an unusual bond on Tuesday: an 18 month floating rate note that grew as large as €1bn.

Elis, the French workwear and laundry group, took advantage of a corporate bond market eager for yieldy paper on Tuesday by issuing a €500m five year high yield bond that found a friendly reception.

Public sector borrowers were able to achieve zero or negative new issue premiums and close books early in the euro market on Tuesday as investors piled into haven assets amid a weaker outlook for global growth.

Fiat Chrysler Automobiles has extended the maturity of its €6.25bn syndicated bank facility, as loan market activity picks up at the beginning of the second quarter.

A trio of public sector borrowers hit screens with mandates on Monday ahead of what SSA bankers say will be a busy week of supply following a glut of benchmark issuance towards the end of the first quarter.

RCI Banque followed Volkswagen Financial Services’ triple tranche bond issue on Monday with its own two-part issue on Wednesday. Both car finance banks, as very regular issuers, are unlikely to command the absolute tightest pricing relative to their secondary curves, but demand has also cooled somewhat this week, compared with the avid tone of recent weeks. Nevertheless, pricing tightened a long way.

Total, the French oil company, achieved a flat new issue concession on its €1.5bn hybrid bond on Wednesday, according to bankers away from the deal, as investors swarmed into the book in search of yield.

SNCF Réseau reopened its December 2047 green bonds for a €250m tap on Thursday, with the issuer bumping up the liquidity of its long dated debt.

Total, the French oil company, issued a €1.5bn hybrid capital bond on Wednesday, at the same time as launching a tender offer to buy back some of its €2.5bn call February 2021 and €1.75bn call May 2022 hybrids.

Strabag has signed bank facilities totalling €2.4bn, the Austrian construction and technology firm becoming the latest borrower to refinance early amid cheap funding conditions.