Euro

British oil and gas company BP returned to the European corporate bond markets on Thursday for the first time in a year. Two euro tranches came twelve months after the company’s last euro offering, and a sterling tranche was its first in its domestic currency since August 2016.

Two German issuers sold corporate bonds on Tuesday and, after a day many Germans may want to forget on Wednesday, mobile phone operator O2 Telefónica Deutschland made it a German treble the following day.

A green bond and a conventional bond both hit the euro market on Wednesday. While neither aimed for size, the pricing action showed much hotter demand for the green offering.

After two successful new corporate bond issues on Tuesday, market participants were hopeful of more supply on Wednesday. However, the optimism caused by Wall Street was extinguished as Asian markets tumbled overnight.

Public sector issuers have streamed back into the primary market in euros after being kept away by weeks of volatility. This week is already the second busiest of the year for the sector, but investors are starting to focus on where interest rates are headed.

European corporate bond markets enjoyed one of the busiest weeks of the year last week, but global economic factors mean investors are far from ready to buy everything in sight just yet.

France sold its first syndicated tap on Tuesday, adding €4bn to its GrOAT line. The sovereign will be followed in the green market by a Danish agency's sophomore offering.

Two euro borrowers launched benchmarks on Wednesday, sharing the SSA euro market. While both secured successful deals, one found the market tougher going, as investors pushed back.

In an age where the triumph of populism has shown that communication trumps all else in politics, it’s strange that the Italian iteration of this trend is struggling with something that couldn’t be clearer — its sovereign debt auction schedule.

Bway, the US container maker, is including €475m of euro bonds in the leveraged financing for its $1bn acquisition of rival Industrial Container Services, in a sign of the increasing attractiveness of euro high yield markets.

On Tuesday, two German property-related corporate bond issuers achieved successful funding for their M&A activity by marketing their deals with no-grow approaches. Both companies priced €500m of bonds.

France is set to revisit the SRI market, announcing a syndicated tap of its June 2039 Green OAT, or GrOAT. The deal will follow a German agency's annual green bond.