Europe

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

European investment grade corporate bond issuance has wound down ahead of the Federal Open Market Committee meeting, but supply has been dwindling for about a week already.

Spanish online travel agency eDreams increased the size of its bond to €435m on Tuesday, a deal which investors struggled to find comparables for.

Moody's will review the UK's credit rating on Friday. While the Brexit vote prompted Moody’s to change its outlook for the UK’s Aa1 credit rating to negative, Moody’s representatives have said the UK could regain credit stability if it commits to keeping its debt to GDP ratio in check.

Tessi, the French payment processing firm, has allocated its €276m deal after marketing began in June.

Telxius, the telecoms infrastructure division of Telefonica, has signed a €190m with the 10 banks which are arrangin its IPO, for which books opened yesterday.

After a long supply hiatus a number of other Austrian issuers are likely to be considering a deal, following RLB Oberösterreich’s success on Tuesday. Last September, three Austrian issuers came to market in short succession.

Santander Consumer Bank launched a €500m three year senior transaction on Wednesday, finding strong demand in the short end of the curve despite opening books just ahead of a hotly anticipated US Federal Reserve meeting.

National Australia Bank and Credit Suisse have both received the approval of investors to change terms of their existing covered bonds.

Barclays launched a tender offer for up to £1.7bn of its outstanding subordinated debt this week, as the bank extends a strong and rapid drive towards a holding company funding model.

Investment grade loans continued to bask in the glow of Bayer's $57bn deal while the levloan market is beset by repricings. But IG and high yield bond markets were quiet this week as participants waited for the outcome of Wednesday's US Federal Reserve meeting.

O1 Properties printed the first syndicated international deal from the Russian property sector on Tuesday. While lead bankers acknowledged it was not an easy deal, the issuer was able to increase it from the planned $300m to $350m.