Natixis

Middle East-focused oil trader BB Energy has signed an oversubscribed $175m one year loan from 20 banks, in a deal that lenders say typifies the ample cash available to borrowers.

Carrefour, the French supermarket group, launched its first bond issue on Monday for over a year. Despite markets being weaker than last week, the deal attracted a much bigger book than any of last week’s issues.

French former mortgage lender Caisse Centrale du Crédit Immobilier and Dexia Crédit Local took to what market participants described as a wobbly market this week, offering investors government guaranteed bonds that both brought in large books.

German industrial packaging group Mauser this week priced the tranches of its $1.6bn acquisition loan at the tight end of guidance and inside it, while keeping covenant-lite terms on all tranches but one.

Bahrain's Arab Banking Corp launched a $500m three year syndicated loan into the market on Thursday morning, becoming the second Gulf bank to come to the market after seven years away.

Bayerische Landesbank took advantage of an empty market to price what could be one of the last covered bonds before the summer lull kicks in. The €500m seven year Pfandbrief attracted a heavily oversubscribed and granular book that gained solid momentum from the start — in contrast to other recently issued Pfandbriefe.

Dexia Crédit Local hit the market on Wednesday with a three year senior bond guaranteed by Belgium, France and Luxembourg, following on the heels of Caisse Centrale du Crédit Immobilier de France’s successful €1bn GG senior on Tuesday.

German industrial packaging group Mauser has priced the tranches of its $1.6bn acquisition loan at the tight end of guidance and inside it, while keeping covenant-lite terms on all tranches but one.

Caisse Centrale du Crédit Immobilier de France is alone in the European senior unsecured bond market on Tuesday, and is set to sell its latest government guaranteed deal.

UK insurer Aviva and French bank BPCE are out with euro denominated tier two deals on Thursday as the FIG market recovers from a slight sell-off following the shock revision of US first quarter GDP figures showing a 2.9% contraction.

Mauser, the German industrial packaging group, has set price guidance on $1.5bn of loans to back its buyout by Clayton Dubilier and Rice.

The covered bond market had one of its busiest weeks this year as six borrowers from five countries raised €5bn. With outright yields continuing to decline, and investors scrambling to hit return targets, supply was slanted to the long end, where more yield was on offer. Even so, several deals offered coupons that set new lows.