Natixis

Yorkshire Building Society issued its first euro issuance in four years and the second only UK deal in euros on Wednesday. Bankers said it offered a generous spread to fellow UK names but that it was justified.

BBVA returned to the covered bond market for the first time in more than a year on Wednesday with a 10 year Cédulas that attracted 115 investors into the book. The coupon paid was the lowest ever for a 10 year in the history of the Spanish market.

Carlyle Group has mandated Natixis and Société Générale to arrange financing for its potential acquisition of a majority stake in France's Homair Vacances.

With the growth of floating rate note issuance in Europe recently, it is perhaps surprising that RCI Banque, the finance arm of Renault, had not yet joined the trend. But the revival of FRN investors’ appetite, in terms of size, credit quality and maturity, has been fairly recent, making now the right time to bring RCI, bankers said.

Air France-KLM is preparing to issue a new bond, just as Ryanair, an airline that is in many ways from the other end of the spectrum, is also roadshowing for its first ever bond.

French insurer CNP Assurances highlighted the scale of demand for sub debt from insurance companies on Tuesday, drawing a monster order book for its first deal in almost a year.

A growing sector of the medium term note market could receive an extra injection of diversity, after a new report from Moody’s this week predicted that swingeing cuts to French local and regional governments’ budgets will increase debt levels.

The primary covered bond market is set to pick up next week, with deals from issuers in the UK, Germany and New Zealand in the offing. Yorkshire Building Society announced its intention to go on the road and bring its first euro deal in five years, Westpac New Zealand has said it also launch a roadshow next week to market the first covered bond since the country enacted a legal framework and Dexia Kommunalkreditbank is set to return with its first deal since 2011.

Financials shrugged off a short week to print €4.5bn of senior euro debt in just two days, as issuers looked to hit the market ahead of next week’s ECB meeting. The promise of more attractive new issue premiums than in recent weeks helped to buoy the trades, with issuers showing growing willingness to pay up slightly to grab investors’ attention.

Two corporate bonds were issued in Europe on Tuesday and, unusually, both were 12 year euro bonds from single-A issuers – French property company Unibail-Rodamco and Energie Baden-Württemberg, the German power generator. Both were also priced at 72bp over mid-swaps.

Two corporate bonds were issued in Europe today, and, unusually, both were 12 year euro bonds from single-A rated issuers. Both were also priced at 72bp over mid-swaps.

Middle East-focused oil trader BB Energy has launched a $125m one year refinancing loan into syndication.