Crédit Agricole

Latin American development bank Corporación Andina de Fomento increased the size of its first euro benchmark for three years as it gets closer to its aim of being considered an SSA, rather than EM, issuer. It will now try to take this strategy to dollars.

Kutxabank opened books for a €1bn seven year Cédulas Hipotecarias on Monday, Spain’s fourth covered bond of this year. The issuer priced the deal through its curve even as Spanish government bonds underperformed.

Latin American development bank Corporación Andina de Fomento increased the size of its first euro benchmark for three years as it gets closer to its aim of being considered an SSA, rather than EM, issuer.

Amundi Asset Management is preparing to buy Italian and Spanish corporate MTNs, a spate of which it expects to be issued in the coming months.

Ingenico had never issued a bond before this week, but its name is becoming ubiquitous as a maker of card payment devices in shops. That recognition helped it make a successful bond debut on Tuesday, raising €450m at a spread comparable with peers’ secondary levels – without the concession that an unrated debut borrower would usually pay in a less bullish market.

Syndicate bankers hailed a return to form for senior debt this week, following a string of blowout deals. Given a week with no holidays to disrupt the market, financials reacted with gusto and printed around €12bn of senior debt, with investors stepping up to absorb the tide of issuance.

The long end looked to be the sweet spot for a trio of FIG issuers this week, as BNP Paribas, Crédit Agricole and Citi all sold blowout 10 year deals. BNP Paribas and Crédit Agricole were the first to market and Citi followed suit with a bumper book on Thursday, despite the French duo’s deals widening in trading.

UniCredit has hired Edouard Lemardeley, one of Crédit Agricole’s French corporate debt capital markets origination bankers.

Swedbank priced the tightest non-German euro seven year benchmark covered bond in over five years on Wednesday and paid virtually no new issue premium.

Bank Austria opened books on Thursday morning for its third covered bond deal of the year, a €500m seven year public sector Pfandbrief. Despite pricing flat to its curve the deal received one of the highest levels of oversubscription for any Austrian deal in the last two years.

Citi is set to continue a run of highly oversubscribed 10 year bonds, announcing a self-led trade on Thursday morning. Like deals from BNP Paribas and Crédit Agricole earlier in the week, the deal has drawn a bumper book, even as the 10 year bonds from the two French banks continue to trade wide of initial levels.

State Bank of India has closed its loan at $554.5m, managing to gather enough demand during syndication to increase its borrowing from the launch size of $390m.