Natixis

Rating: Aa3/A+/AA-

UBS sold its first green bond this week, bringing the deal at the tightest euro senior spread of the year so far. Further labelled issuance is set to follow, with UniCredit preparing a green debut of its own.

UBS made its first foray into the green bond market as an issuer on Monday, landing a €500m operating company deal at a level bordering on zero yield, which could embolden other lower spread issuers to follow. The visit to euros was paired with a seven year deal in the Swiss bank’s home market.

Senior and covered bond plans were flowing into the deal pipeline on Monday, with issuers keen to buck the softer tone and print before the start of the summer break.

Rating: A2/—

Naturgy Energy, the Spanish gas and electricity utility, has doubled the size of its revolving credit facility in an amend and extend exercise, the latest demonstration that the balance of power in the loan market remains firmly on the side of the borrowers.

Europe’s high grade bond market hosted issuers at both ends of the rating spectrum on Wednesday, with Italian transmission company Terna and Singapore’s Ascendas Reit finding ample demand for their higher rated debt.

There was little let-up in demand for property companies' bonds on Tuesday, as investors stocked up on Inmobilaria Colonial and debut issuer Sirius Real Estate, before the void of issuance expected from the tail end of this week.

Bank of Cyprus will end a 14 year absence from the senior debt market later this week, as it prepares to issue a preferred senior bond to go towards its minimum requirement for own funds and eligible liabilities (MREL).

Repsol, the Spanish oil and gas company, is lining up investor meetings to show off its freshly published transition financing framework, after being the first oil major to bring a divisive green bond that is due to mature next year.

French insurer Macif hit all the subordinated formats available to insurance issuers on Monday, as it attracted a bumper €14bn book for a triple tranche deal to fund its acquisition of Aviva France.

Atresmedia and Sipartech came to the euro loan market this week, as lenders say there are already signs of borrowers packing up for the summer.