Europe

KBC Group was able to approach fair value with a senior bond offering on Monday, as the positivity of the previous few sessions had encouraged less frequent issuers like it and Sydbank to try the market.

French supermarket chain Auchan attracted plenty of demand for its third consecutive January new issue but it had to pay a hefty new issue premium to ensure the deal got done. The supermarket sector is one of several retail sectors priming investors for poor annual results.

Financial firms from southern Europe raised debt from the capital markets this week, suggesting a thaw in the frosty attitude towards the EU’s weakest lenders. The issuers were able to profit from other banks being in blackout and a feeling that valuations are now too low, writes Jasper Cox.

The volume of corporate bonds with triple-B ratings, and vulnerable to downgrades into high yield, is at its highest in history. But while the US market fears the prospect of fallen angels, Europe appears to see advantages.

The prolonged US government shutdown has kept workers in the Securities and Exchange Commission (SEC) away from their desks for over 30 days frustrating a multitude of IPOs waiting for the regulator to comment on their registration documentation.

Three companies have signed sustainability-linked and green loans this week, as the product's seemingly inexorable rise brings it to new companies and into new countries.

World Bank on Thursday added to a record breaking start to the year for public sector sterling issuance with yet another large trade. A German agency is set to bring another deal this Friday in a market that shows no signs of slowing down.

Oesterreichische Kontrollbank’s decision to mix up this week’s dollar supply with a three year benchmark reaped rewards on Thursday, as it recorded one of its largest ever allocations to central banks and one of its tightest ever US Treasury spreads. But some SSA bankers believe the dollar market might need a “breather” after a rampant start to the year.

The shifting sands of bank regulation make it unlikely that it will ever be worth thinking about additional tier one bonds as perpetual instruments.

Shares in Blue Prism, the UK robotic automation company, closed 14% higher on Thursday after it completed a £100m capital increase to finance its growth plans and product development, in the wake of positive 2018 earnings.

Emerging market investors are enjoying an excellent start to the year in the secondary market, but primary supply has not followed up on its strong start to the year. Bankers and investors are confident that issuers will get moving soon though.

Volkswagen Bank started its funding for 2019 with a hefty four tranche deal on Thursday that will contribute to its minimum requirement of own funds and eligible liabilities (MREL) when the German regulator decides what that should be.