Crédit Agricole

The European Commission's latest bond led to the issuer’s curve tightening — a good omen, given it is the first since the issuer announced its steeper funding requirement.

Europe’s high grade corporate bond market saw a steady stream of trades this week, with the bigger than expected fresh wave of bond buying announced by the European Central Bank forecast to keep the rally in corporate credit going.

Crédit Mutuel Arkéa, Deutsche Bank and Mitsubishi UFJ Financial Group this week sourced environmental, social and governance senior funding in euros, amid a shortage of supply in the format.

Engie, the French electricity and gas company, braved the markets alone as the European Central Bank met on Thursday, with the bigger than expected fresh wave of bond buying announced forecast to keep the rally in corporate credit going.

Crédit Mutuel Arkéa has joined a fast-growing list of banks marketing Covid-19 response funding in the bond market, raising €750m in non-preferred senior format on Thursday to finance projects through its social bond framework that tackle the effects of the pandemic

Italy once again asserted its market access on Wednesday, raising a staggering €14bn — its biggest single tranche bond ever. The new issue was timed just ahead of Thursday’s ECB meeting, at which the governing council is expected to expand its Pandemic Emergency Purchase Programme (Pepp).

Four public sector borrowers hit the dollar market on Wednesday, including a rare seven year deal from new issuer International Development Association (IDA).

The Republic of Hungary won a €7.25bn order book on its debut in green bond markets on Tuesday, printing a €1.5bn trade.

Renault, the French car company, has arranged an up to €5bn short-term credit facility backed by its government, as fierce complaints have followed similar guarantees in other industries.

The European Investment Bank raised $5bn with a three year global benchmark on Tuesday, setting the stage for fellow SSA borrowers to tap the dollar market later in the week.

Italy and the European Union will reboot the euro public sector bond market on Wednesday after announcing syndications of new 10 and 15 year bonds, respectively. The deals will come ahead of the European Central Bank’s meeting on Thursday, in which it is widely expected to increase the size of its Pandemic Emergency Purchase Programme (Pepp).

Airbus, the European aircraft manufacturer, flattened its curve on Tuesday with a €3.5bn three tranche bond issue that commanded €15.1bn of demand. But European syndicate bankers said it offered no read-across for whether airlines might return to the bond market soon and that their chances of doing a deal were distant.