Crédit Agricole

China raised a combined $6bn from a four tranche transaction on Wednesday, turning to US investors for the first time despite rising tensions between the two countries. It appeared a smart move, helping the bonds price well inside fair value. Morgan Davis reports.

Enel, the Italian energy company, proved that there is sterling demand for sustainability-linked bonds on Tuesday, with the borrower repeating its achievement in dollars and euros by creating the market in the currency.

Caisse d’Amortissement de la Dette Sociale (Cades) will add a new point on its dollar social bond curve with a 10 year trade on Wednesday, where it will be joined by two other public sector issuers in the currency.

KfW and Ville de Paris grabbed the attention of investors at the opposite ends of the euro curve on Tuesday in what has been a thin week for issuance in the currency by public sector borrowers ahead of the expected arrival of the EU’s first syndicated bond under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme next week.

Crossover credit Inwit showed that the return of risk demand is still going strong this week, with the Italian wireless infrastructure company drumming up €3.7bn of demand for its trade.

A pair of European banks approached the euro senior market in different ways on Tuesday: Iccrea targeted a smaller pool of investors with its delayed callable debut, while BFCM went big with a blowout long 10 year.

Enel, the Italian power and gas company, is set to push the nascent sustainability-linked bond market to a new currency this week after the company mandated for the first deal in the format in sterling.

KfW mandated banks for a seven year euro benchmark on Monday, a deal which was already expected to arrive this week and could well be the German agency’s final public deal in the currency this year.

Rating: Aa2/AA

Crédit Agricole and Nykredit Realkredit were able to push aggressively on pricing in the additional tier one (AT1) market this week, as they took advantage of favourable supply and demand dynamics.

Europe’s high grade corporate issuers secured another day of bulging order books on Wednesday, as concerns about scant primary supply to come washed away investor jitters about a collapsed $2.2tr fiscal stimulus deal in the US.

The European Bank for Reconstruction and Development ventured out to raise its largest ever bond linked to the secured overnight financing rate (Sofr) this week in what otherwise a thin week for issuance in dollars.