Natixis

La Banque Postale (LBP) printed €500m of January 2031 non-call January 2026 tier two paper this week, its first in the format in over three years.

Rating: —/BBB

FIG borrowers may be well funded, but rates are low and market conditions are good enough to support opportunistic issuance — as was shown this week by a slate of deals across the capital structure. Given a volatile end to 2020 is likely, issuers will need to stay alert and take advantage of funding windows as they arise, write Frank Jackman and Bill Thornhill.

Enel, the Italian energy company, printed the first sustainability-linked bond in sterling this week well through its curve, sparking expectations of far wider issuance in the still fledgling market.

Veolia, the French water and waste company, and Spanish telecoms infrastructure firm Cellnex were out with crossover rated debt on Wednesday, giving investment grade corporate investors a double chance to pick up spreads at the higher end of their remit.

Enel, the Italian energy company, proved that there is sterling demand for sustainability-linked bonds on Tuesday, with the borrower repeating its achievement in dollars and euros by creating the market in the currency.

Crossover credit Inwit showed that the return of risk demand is still going strong this week, with the Italian wireless infrastructure company drumming up €3.7bn of demand for its trade.

La Mondiale printed a rare tier three deal on Tuesday to diversify its capital structure, using the strong demand for the unusual product to print around 25bp through fair value.

BB Energy, the UK headquartered energy trading company, has signed a $197.5m syndicated loan, with the borrower increasing the size of its lending group and committing to build on new banking relationships.

Three high yield Chinese property issuers turned to the offshore bond market on Monday, raising $950m between them.

Enel, the Italian power and gas company, is set to push the nascent sustainability-linked bond market to a new currency this week after the company mandated for the first deal in the format in sterling.

KfW mandated banks for a seven year euro benchmark on Monday, a deal which was already expected to arrive this week and could well be the German agency’s final public deal in the currency this year.