NatWest Markets

FGA Capital, the car finance company jointly owned by Fiat and Crédit Agricole, sold another blowout bond on Wednesday, after a run of highly sought-after deals.

In what was an all-around impressive week for peripheral bank issuers, Allied Irish Banks and Italy’s Intesa Sanpaolo printed five year senior deals, proving investors are willing to go further out on the credit curve for longer in the search for yield.

BPCE took advantage of improving conditions and a light pipeline mid-week to feed the undersupplied sterling market, printing the largest ever deal in that market from a French bank.

ProSiebenSat.1 Media, the German television company previously owned by KKR and Permira, issued on Thursday its first bond in its new guise of an investment grade-style company.

A busy week for peripheral bond issuance continues with Intesa Sanpaolo readying a floating rate senior unsecured deal on Thursday.

BPCE has jumped into the tier two market after only announcing on Tuesday it would be meeting investors for a potential sale.

The French are taking over the pipeline for subordinated bank debt, as the country’s second largest bank gets ready to roadshow a sterling denominated tier two deal, joining La Banque Postale in the primary market.

Two airport companies and one broadcaster are seeking to issue euro bonds, as new issuance has slowed after an exceptionally busy period.

Investors sank their teeth into tier two FIG debt this week, with insurance company NN Group, BBVA and NordLB each hitting the market in an otherwise quiet few days for the market, compared to recent weeks.

NIBC Bank returned to the covered bond market this week to launch its second conditional pass-through covered bond (CPTCB). The book suggested that the issuer attracted a greater scale of demand from a wider group of buyers than in its first deal. The growing acceptance of this innovative product at a much tighter spread bodes well for future use of the structure.

NordLB launched a dollar denominated 10 year tier two bullet, capping off a week of mostly subordinated FIG issuance, after two senior-heavy weeks.

NordLB is out with a dollar-denominated 10 year Tier Two bullet, capping off a week of mostly subordinated FIG issuance, after two senior-heavy weeks.