Deutsche Bank

A trio of rare issuers found a window for issuance in the FIG bond market on Thursday, with Nykredit and Hamburg Commercial Bank accessing a tightening senior non-preferred market, while Íslandsbanki launched Iceland's first ever sustainable bond

Adidas, the German sportswear company, has signed a €1.5bn loan to replace an emergency facility from KfW signed during the worst of the coronavirus pandemic. It has raised €3bn of debt since taking the crisis loan.

The clamour for green bonds was on display in the corporate market on Thursday when UPM-Kymmene, the Finnish pulp and paper company, had its debut green issue more than six times oversubscribed, while a conventional bond for Swedish truck maker Scania found more modest demand.

French agency Caisse des Dépôts et Consignations finished its 2020 syndicated funding programme with a visit to the Swiss market this week, printing an extremely tight deal through the high quality domestic covered bond curve.

Less frequent issuers found a window for issuance in the FIG bond market on Thursday, with Íslandsbanki launching Iceland's first ever sustainable bond and Hamburg Commercial Bank (HCB) focusing on non-preferred senior debt after twice delaying plans for a tier two.

A flurry of Chinese corporations rushed to the dollar bond market on Wednesday, raising a total of $1.19bn between them.

Unédic, the French unemployment agency, will look to complete its €15bn funding programme on Thursday, coming to market in the footsteps of the EU’s second outing.

The positive tone following Monday’s vaccine announcement has filtered through into the secondary market, compressing bank senior index spreads to an almost two month low.

German insurer Allianz was met with a wall of demand for its debut restricted tier one (RT1) bond this week — a deal that could play an important role in the development of the asset class.

Adidas, the German sportswear company, has signed a €1.5bn loan to replace an emergency facility from KfW signed during the worst of the coronavirus pandemic. It has raised €3bn of debt since taking the crisis loan.

Hamburg Commercial Bank will no longer proceed with its planned tier two bond, having already attempted twice this year to bring one to the market. Its focus is now turning to issuing senior non-preferred and additional tier one (AT1) paper.

Three Chinese property companies launched dollar bonds on Monday, continuing to take advantage of the post-US election momentum.