NatWest Markets

ICIC Bank is making the most of the upbeat outlook on India. The privately owned lender reopened its Reg S/144A 4.8% 2019s for what dealers are expecting to be a $200m tap.

Air Liquide, the French industrial gases group, is about as unchallenging a credit as they come in the European market. On Wednesday it raised €500m with a very straightforward, 10 year no-grow bond.

OC Oerlikon, the Swiss high tech manufacturing company, issued its second ever bond on Tuesday. Investors flocked to buy the five and 10 year paper, reaffirming the issuer’s credentials after a difficult period following the financial crisis.

Spanish lender Bankinter is set to continue a run of successful trades from the eurozone’s periphery on Tuesday afternoon, surprising market sources with the scale of demand for five year paper at what some see as a punchy price.

Caterpillar, the US maker of mining and earthmoving machinery, made one of its regular visits to the euro market on Monday with a long three year FRN via Royal Bank of Scotland and Société Générale.

Carlsberg Breweries returned to the euro bond market after an 18 month gap on Tuesday with a successful €1bn 10 year bond, though it had to contend with a market that has lost a little of its rude bullishness in the past week.

Deutsche Bank and Credit Suisse tapped the dollar market with jumbo deals on Thursday, with syndicate bankers predicting a rush of deals from other financials in the near future.

A dearth of senior issuance this week left the spotlight on the subordinated debt market, and with the market quiet, LBBW and SEB were able to focus on price and sell aggressively priced tier two trades.

SEB will sell sub debt on Thursday afternoon, drawing good demand for a tier two deal despite offering aggressive pricing. The Scandinavian bank will be joined by French insurance company Groupama which is exchanging perpetual sub debt for new paper.

Several companies delayed plans to issue corporate bonds in Europe today, as markets looked ugly at the open. There has been a flurry of MTN and niche currency issuance this week, but the only mainstream corporate bond issue today was from Prologis, the US warehouse Reit.

Carlsberg Breweries returned to the euro bond market after an 18 month gap today with a successful €1bn 10 year bond, though it had to contend with a market that has lost a little of its rude bullishness in the past week.

Macquarie Leasing has released the capital structure of its latest SMART auto ABS transaction after finishing the Australian leg of its roadshow, as it looks to sell the shelf’s first euro-denominated paper since 2008.