NatWest Markets

Sub-benchmark deals are not so much of a novelty anymore: a trio of rare names filled their boots with diminutive deals this week, with each attracting bumper demand.

E.On has completed the largest liability management exercise ever in Germany, shifting about €11.5bn of bonds issued by Innogy, which it has taken over, to its own balance sheet.

Close Brothers returned to the public market after a two year absence on Thursday, launching a 10 year sterling deal from its operating company at a very flat level compared to its shorter dated bonds.

Two public sector borrowers hit the euro bond market on Wednesday, raising what might well be the final benchmark funding of 2020.

Investors pumped €11.65bn of orders into €1.6bn of green and sustainable corporate bonds on Wednesday when paper company Stora Enso, utility Fluvius and real estate firm Cofinimmo all built bulging order books.

Stora Enso, the Finnish paper company, and Belgian utility Fluvius mandated banks to lead green bonds of 10 years or more on Monday, combining two recent themes in corporate bonds — ESG issuance and longer maturities.

Volkswagen led the dollar primary bond market this week as borrowers jumped into a crowded field to find funding ahead of the Thanksgiving holidays.

Permanent TSB attracted plenty of demand for a new additional tier one (AT1) note on Monday, with a lack of issuance in the asset class sending investors towards names offering higher yields.

Orbit Capital, the UK housing association, had its £300m November 2038 bond issue more than five times subscribed on Tuesday, as more borrowers line up trades in a rip-roaring week for new corporate bond issuance in Europe.

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.

TenneT, the Dutch transmission system operator, brought a dual tranche bond on Monday that was bang on trend as far as investors were concerned. The company's shrewd choice of a long dated green bond allowed it to increase the deal while printing it flat to or just through fair value.

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.