Crédit Agricole

Covered bond deals issued this week by Société Générale and Erste Bank showed that there is still good demand for bonds issued by national champions, even in the more difficult longer tenors.

Ten year Pfandbrief €500m deals issued this week by NordLB and Bawag were narrowly oversubscribed even with the support of the Eurosystem.

Auckland Council on Thursday pulled off a 7bp tightening for its first ever public deal in euros. The trade was joined in the market by paper from the City of Hamburg and Bpifrance Financement.

UK premium car maker Jaguar Land Rover on Thursday sold its first euro bond at one of the lowest coupons seen in the high yield market in the last two years.

BPCE has filed documentation allowing it to issue total-loss absorbing capacity (TLAC) eligible senior bonds in the Samurai market, and the first ever yen-denominated non-preferred issue could arrive as early as next week.

Agence Française de Développement made its 2017 debut with a €1.5bn five year on Wednesday, but longer dated euro deals seem to be struggling as European Investment Bank found with a April 2032 tap.

Gas Natural Fenosa, the Spanish energy firm, kept the long end alive on Wednesday as it issued a €1bn 10 year bond that won over two times oversubscription.

Foncière des Régions, the French property company, has achieved a covered book for its €348m capital increase to finance the acquisition of a portfolio of 19 Spanish hotels through its subsidiary Foncière des Murs.

The belly of the curve appears to be the favoured spot in euros, with the European Financial Stability Facility selling a €3bn November 2022 and Agence Française de Développement announcing that it intends to bring an April 2022 on Wednesday. Further out in the curve, the market is proving less supportive.

After spending 2016 away from the high yield market, UK premium car maker Jaguar Land Rover returned on Tuesday to add euros to its all sterling and dollar debt.

BPCE raised its first €1bn of senior non-preferred notes in euros on Tuesday, joining France’s three other global systemically important bank in the fledgling market.

KommuneKredit and Unédic have both pulled off strong trades, getting in ahead of what is expected to be a busy week in euros by coming to market on Monday.