Euro

Worries over an Italian constitutional reform referendum have driven a wedge between Italy and Spain’s sovereign bond curve, which is at a level not seen since January 2015, according to a note from Société Générale.

The European Stability Mechanism is likely to raise the last €1bn of its third quarter funding needs by tapping a long dated bond, or with a shorter dated auction, SSA bankers said on Thursday.

mBank priced a new four year euro denominated bond through its existing curve on Wednesday as investors shrugged off concerns over Polish bank risk.

Ubisoft, the French computer games publisher, raised €400m on Wednesday in a highly successful convertible bond issue that was the first capital markets deal in its stock since 2010.

The Community of Madrid on Wednesday priced a eight year euro syndication fractionally inside the Italian sovereign curve.

Poland’s mBank saw strong demand for a new euro-denominated four year senior unsecured benchmark after initial price thoughts were released early Wednesday.

KfW brought a seven year euro benchmark on Tuesday that equalled for size a similar trade from fellow jumbo issuer European Investment Bank two weeks ago — but topped it for orders and spread.

The Autonomous Community of Madrid has announced that it will sell its third benchmark of 2016.

The Flemish Community of Belgium has announced that it will roadshow a euro syndication on September 26, while KfW has mandated three banks to sell a benchmark.

Rating: A3/A

The grins on the faces of Werner Baumann and Hugh Grant, chief executives of Bayer and Monsanto, look genuine enough. The deal they have struck could catapult Baumann to head of the world’s leading agribusiness company and net Grant a reported $226m.

Winsconsin’s Spectrum Brands, the consumer products conglomerate ended a two day roadshow on Wednesday with the sale of euro notes that will repay dollar bonds, an uncommon transaction in the euro market.