ING

Deal arrangers said on Monday that banks would not be dissuaded from bringing new bond deals to the market, though spread levels have started showing their first signs of weakness following an extraordinarily strong month in May.

Features in UK covered bond programmes offer limited protection and could lead to a delay in the classification of defaulted loans, Moody’s said this week. Meanwhile in Europe, regulators have muddied the waters on payment moratoria legislation.

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Corporate bond investors piled into the three environmental, social and governance trades on screens this week, as bankers said the focus in the high grade market is shifting from crisis mode back to socially responsible debt.

BASF and Pearson brought green and social bonds on Thursday, as sustainability-linked issuance continues to pull Europe’s high grade corporate market out of the darkest days of the coronavirus pandemic’s panic funding phase.

Korea Development Bank raised $1bn from a new bond on Wednesday, marking its third dollar transaction of the year.

Siemens, the German machinery maker, found plenty of demand for a multi-tranche bond issue on Wednesday, though the inclusion of a two year fixed portion strongly suggests that floating rate notes have become unpopular among corporate issuers.

Rating: Baa1/A-/A+

Rabobank said on Wednesday that it would take advantage of various EU schemes of funding and capital support, as it provided the market with an ad hoc update on its financial position during the coronavirus pandemic.

ABN Amro has ended a three week hiatus in the euro non-preferred senior market, launching a new deal on the back of a strong rally for bank credit spreads.

ING has become the latest EU bank to sell subordinated debt during the coronavirus crisis, after capitalising on healthy levels of demand for its tier two paper on Tuesday.

Achmea was marketing a senior bond on Monday to refinance an outstanding bond maturing in November. The Dutch insurer started with a 'juicy spread', according to some market participants, and gave away a new issue premium of 5bp-10bp to investors.