Europe

Cellnex Telecom, the highly acquisitive Spanish wireless telecommunications company, has issued a €850m convertible bond due in July 2028 to fund its €11bn pipeline of investment opportunities in the European telecom towers market.

Investors poured into Agence Francaise de Developpement (AFD)’s 10 year euro benchmark on Tuesday, allowing the French agency to issue its largest ever trade in the currency.

Rentenbank failed to achieve subscription for its €500m 10 year trade on Tuesday, despite offering a positive yield and a maturity that has been labelled the ‘sweet spot’ in the euro public sector bond market.

Prologis European Logistics Reit, the A3/A- rated warehouse real estate investment trust, returned with its second green bond on Tuesday, having issued its first in March 2018.

Porsche AG, maker of Porsche sports cars, has returned to the Schuldschein market, on the hunt for funds for research and development into electric cars, among other green projects.

The Republic of Austria hired banks on Tuesday for a five year syndicated bond while seeking investor feedback for a 100 year issue as it looks to lock-in super cheap funding following the recent rally in eurozone government bond yields.

The European Securities and Markets Authority is asking market participants if certain factors — such as fair value accounting, remuneration of investors and credit default swaps — exacerbate short-term pressures on companies, as part of its work on sustainable finance.

The UK Debt Management Office (UK DMO) will reopen its 2041 index-linked Gilt through syndication in the week commencing July 8, subject to market and demand conditions.

Commerzbank said on Tuesday that it was looking to issue its first ever additional tier one (AT1) instrument, following a roadshow that begins later this week.

BNP Paribas on Tuesday offered a 12 year tier two bond in bullet format, making use of favourable conditions to offer investors a chance to invest in a longer dated deal.

UniCredit AG issued its first dollar Pfandbrief on Tuesday, shortly after DekaBank had quickly wrapped up a sub-benchmark eight year. The two deals followed an inaugural sub-benchmark seven year from Slovakia’s Tatra banka that was priced on Monday.

Saxo Bank has announced plans to sell its first tier two bond, outlining its expectations for pricing before opening the order books.