JP Morgan

European banks made the most of an improving tone in the euro market this week, piling on top of one another to access funding in a small but supportive window.

Portuguese insurance company Fidelidade is looking to sell a tier two bond this week, three years after first exploring the idea of issuing a subordinated debt instrument.

Days after it sold a private placement, Mamoura Diversified Global Holding returned to the bond market on Thursday for a dollar dual trancher. The syndication will include a Formosa tranche.

The UK issued a £4bn index-linked Gilt maturing in 2039 on Tuesday, experiencing hot demand as investors flocked to secure protection from the threat of inflation.

AstraZeneca, the UK drug maker, hit the euro market on Wednesday after printing $7bn across the Atlantic a day earlier. The borrower is building up funds to pay for its $39bn acquisition of US rival Alexion Pharmaceuticals.

Hammerson, the UK property development company, launched a sustainability-linked bond through its Irish subsidiary on Wednesday, hoping to achieve a better cost of funds by printing a deal that was eligible for ECB buying. The still-nascent SLB market gave few comparables for the trade, leaving investors needing a range of metrics to try and determine fair value.

Investors backed a small additional tier one deal from Jyske Bank on Wednesday, allowing the Danish bank to squeeze its coupon into a tight level.

CaixaBank was set to launch its first sterling bond on Tuesday as it dipped its toes into a market that is now on course for its busiest week this year to date.

The Emirate of Abu Dhabi raised $2bn on Tuesday, in a deal that bankers said achieved one of the largest negative new issue premiums on any sovereign dollar investment grade bond so far this year.

A handful of Chinese investment grade names bombarded the dollar debt market on Tuesday, taking more than $2bn.

Europe’s high grade corporate bond market had a distinctly Spanish flavour on Tuesday as Cellnex and Merlin Properties issued. Some analysts predict that the healthy earnings season might mean a 15% rise in bond issuance from the European market.

Sinch, the Swedish cloud-based communications services company, has raised Skr9.4bn (€926m) to fund M&A opportunities following an overnight share sale anchored by major investors.