JP Morgan

High grade companies stormed the European bond market with an array of tranches on Wednesday, and investors snapped up the trades, despite it being so late in the year.

CNP Assurances won healthy demand for a green tier two capital bond issue this week, as insurance companies begin to embrace the idea of printing capital instruments as socially responsible investments.

Hong Kong’s PCGI Intermediate Holdings, a subsidiary of FWD, raised $250m from the bond market on Tuesday. While the company hit its size target, orders were limited and the price guidance was unchanged throughout the day.

Industrials company Mytilineos is trekking around Europe, marketing half a billion euros of senior notes. This marks the first time the Greek conglomerate tries to tempt international high yield investors, possibly signalling growing global ambitions.

UK TV production company All3Media followed French insurance broker April in attempting to improve pricing on a loan signed just six months earlier, opportunistically looking to lock in a tighter margin before the market closes for the year.

Investors showed some price sensitivity when confronted with the State of North Rhine Westphalia’s (Land NRW) dual tranche sustainable offering on Wednesday. Nevertheless, compatriot issuer Rentenbank will add to euro SSA supply this week after mandating banks for a new 10 year benchmark.

Legal & General Group (L&G) was four times subscribed for a £600m tier two in the sterling market this week, as it looked to strengthen its capital position.

Financial institutions are rushing to sell new deals in the euro market, fearful that the window for issuance will close after Thanksgiving in the US next week.

Saxo Bank gave investors a chance to pick up one of the highest yields on offer in the additional tier one (AT1) market in euros this week, albeit in a very small sub-benchmark size.

Ageas is offering to purchase FRESH securities — a series of legacy capital instruments — from its investors, in a bid to improve its capital structure. The Belgian insurance company intends to replace the notes with a new restricted tier one bond in euros.

Struggling car manufacturer Jaguar Land Rover raised €800m from a dual-tranche bond this week, pricing both parts at the tight end of guidance despite an uncertain outlook for the UK auto sector and a deal structure described as "high-yield lite" by one credit analytics company.

The State of North Rhine Westphalia (Land NRW) was the only public sector borrower to announce a euro benchmark transaction on Monday, as it appointed banks to lead new 10 and 20 year sustainability bonds.