Natixis

A pair of smaller names were tempted into the euro market on Tuesday, after Monday’s news that scientists have developed another successful vaccine for Covid-19 led to a further improvement of market conditions.

The high grade corporate bond market burst into life on Monday, with mandates for a diverse range of trades from hybrids to sustainability-linked bonds hitting screens to take advantage of the unexpectedly positive November issuance window.

Renault, the French car maker, issued on Monday its first bond since taking a €5bn state-backed loan. Investors piled into the deal.

Gunvor, the Swiss energy trader, has signed a $1.225bn European revolving credit facility, having increased it after asset-hungry lenders oversubscribed the loan during syndication.

Société de Financement Local (SFIL) was over 5-1/2 times covered as it brought its long-awaited debut green bond to the market on Friday, allowing it to price well inside fair value.

Inmobiliaria Colonial, the Spanish office real estate company, has signed a €1bn sustainability-linked loan, wrapping up a €2bn fundraising spree from the group.

Klépierre, the French shopping centre operator, and UPM–Kymmene, the Finnish paper company, were two of a handful of names to receive raucous receptions from the bond market this week. Issuers benefited as a wave of market-friendly news turned the focus in Europe’s high grade bond market back to a risk on mode.

Financial institutions jumped into action this week, as positive news on the development of a Covid-19 vaccine led to superlative funding conditions in the euro market.

A trio of rare issuers found a window for issuance in the FIG bond market on Thursday, with Nykredit and Hamburg Commercial Bank accessing a tightening senior non-preferred market, while Íslandsbanki launched Iceland's first ever sustainable bond

Less frequent issuers found a window for issuance in the FIG bond market on Thursday, with Íslandsbanki launching Iceland's first ever sustainable bond and Hamburg Commercial Bank (HCB) focusing on non-preferred senior debt after twice delaying plans for a tier two.

Klépierre, the French shopping centre operator, and car finance bank FCA Bank pulled in solid bond issues on Monday, as a wave of market-friendly news is expected to increase opportunistic issuance in the coming weeks.

Three banks launched new senior deals in euros on Monday, taking advantage of a jubilant tone in the market following Joe Biden’s victory in the US presidential election. That sentiment received a further boost during the morning trading session when Pfizer and BioNTech revealed successful Covid-19 vaccine trials.