Intesa Sanpaolo
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Eni, the Italian oil and gas company, got its chunky €2bn hybrid capital issue comfortably oversubscribed on Tuesday, after a similar success for Orange last week. Corporate bond investors are piling money into anything that offers higher returns. -
Europe’s corporate bond market hosted a debut sustainability-linked bond and two multi-part trades this week, despite overall issuance winding down as earnings season gets under way.
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Aeroporti di Roma made its debut in the sustainability-linked bond market on Thursday, with a structure that allows for several shades of performance, rather than the simple flat rate 25bp coupon step-up usually used.
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Deutsche Telekom dialled in to the Aussie dollar market after an almost two year absence this week, extending its curve to 2041.
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Esoteric names from the FIG market are expected to fill the post-Easter issuance pipeline to take advantage on the constructive market conditions on offer.
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Three banks jumped into the euro senior market after the Easter break on Tuesday, benefitting from stable demand and printing with low new issue concessions.
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South African lender Investec has secured a syndicated loan facility, with a consortium of 29 international banks. Bank borrowers are continuing to lean on their relationship lenders in South Africa, though the environment in the country remains challenging.
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Financial issuance got underway in the euro primary market on Wednesday, with borrowers keen to bring forward ESG-labelled bonds in the first deals of the week.
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India’s Adani Green Energy has raised a $1.35bn green loan to support the construction of projects under its renewable portfolio.
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European banks will exercise extreme caution in dollars after an ill-fated senior deal from Swedbank this week. It could signal the end of a long run of ultra-easy borrowing conditions in US credit markets, with severe volatility stemming from fears of rising interest rates. Tyler Davies reports.
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The financial primary market paused on Wednesday. Despite euro borrowers enjoying oversubscribed order books this week, demand in the secondary market is lagging behind, as investors await further rises in yields.
