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A HK$3.1bn ($400m) portion of a HK$4.46bn fundraising by CVC sponsored Hong Kong Broadband Network (HKBN) has hit general syndication, said bankers.

An HK$3.1bn ($400m) portion of an HK$4.46bn fundraising by CVC sponsored Hong Kong Broadband Network (HKBN) has hit general syndication, said bankers.

Enel, the Italian electricity company, has set the minimum spread for its new 10 year benchmark euro bond at 115bp over mid-swaps, which one banker described as a "very investor-friendly" level.

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Covered bond issuers from outside the Eurozone launched deals this week denominated in sterling and Australian dollars. But a bigger proportion were from the Eurozone where borrowers launched deals in the single currency in maturities that ranged from four to 20 years. The transaction were priced generously and enjoyed a solid reception, with central banks taking a back seat.

The covered bond market enjoyed its busiest week in the last three years as 16 borrowers launched benchmarks with a nominal value of €13.5bn ($15.70bn) across a range of currencies and tenors. But investors clearly showed a preference for the seven year — of which there were seven deals, accounting for half of this week’s supply.

The Swiss National Bank’s shock decision to unpeg its currency from the euro on Thursday morning made selling a new May 2023 bond a tougher than normal task for Caisse d'Amortissement de la Dette Sociale, although the deal still hit full subscription, according to one of the leads. With the European Central Bank expected to announce sovereign quantitative easing next week, the window for eurozone issuers to print is getting smaller — although a new agency is known to be looking.

Enel, Italy's leading power company, announced on Wednesday that it would issue a benchmark 10 year bond in an exchange offer for up to €5.5bn of existing bonds, as part of a liability management exercise. The transaction is meant to extend Enel's maturity profile.

Caisse d'Amortissement de la Dette Sociale took a lead from the European Financial Stability Facility on Wednesday, mandating banks for a novel eight year deal. The announcement came the same day as the French agency unveiled its funding target for 2015.

The recent flood of euro denominated senior unsecured issuance slowed on Wednesday, with BPCE the only European financial to sell a deal in the currency. Toronto Dominion Bank took to the sterling market for a short dated FRN.

French chemical company Arkema has completed the long term financing of its acquisition of Bostik, with a €700m 10 year senior bond on Tuesday.

Pirelli, the Italian tyre maker, has revved up the year's loan market business with a €1bn facility signed last week, that the company said was three times oversubscribed.