Europe

UniCredit Italy took advantage of constructive conditions and scarce Italian covered bond supply to launch a 10 year and got a well oversubscribed order book, paying little new issue premium on Wednesday

Activity in equity capital markets looks to be growing after a summer lull. Several large transactions have either been announced or completed in Europe and Africa.

Though many of Turkey’s borrowers are facing ratings downgrades, Turkish-Japanese tyre maker Brisa has raised $310m of loans from Japanese investors and the European Bank for Reconstruction and Development (EBRD).

KommuneKredit printed an A$60m ($45.7) tap of its November 2026 Kangaroo bond on Wednesday, with bankers confident more reverse enquiry-driven taps are en route.

The FIG market showed little sign of restraint into the final week of August as a plethora of borrowers launched trades across the capital stack.

Activity is ramping up in emerging markets with several mandates coming through this week. While the unrelenting buying of the asset class continues, idiosyncratic risks are a reminder of the volatility that can arise.

National Australia Bank is seeking the consent of investors to change the terms of four covered bonds denominated in a range of currencies, for which it will pay a fee.

The European Investment Bank kicked off post-summer jumbo dollar issuance on Tuesday with a well-received five year deal, as another issuer jumped in with a shorter dated mandate.

Swedish industrial machinery firm Atlas Copco received eight times the demand required for a €500m 10 year bond on Tuesday, signalling the end of the summer break in the corporate bond market.

Gilt-edged market makers and investors are calling for the UK Debt Management Office to sell a long dated conventional syndication in October and follow it with an index–linked deal in November.

Slovenia intends to buy back up to $1bn of dollar denominated debt following the successful placement of a new euro bond, the country's debt office said on Tuesday.

The unpredictability of economic policies in the US and Europe, paired with increasing default rates, could hit investors in the US high yield market, said Markov Processes International on Tuesday.