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Bank Gospodarstwa Krajowego (BGK), Poland's state development bank, has set the reoffer spreads for its seven and 12 year euro bonds. Combined books are in excess of €800m, evenly split between the tranches.

After the Whit Monday holiday in Europe, Deutsche Telekom boldly reopened the corporate bond market. Having seen compatriot Bertelsmann pull a deal on Thursday, Europe’s largest telecoms provider showed no fear when it sold a four-tranche offering.

European corporate bond market participants are hoping a public holiday on Monday will provide the market with a fillip when it reopens on Tuesday. There was a soft end to the prior week in both primary and secondary.

US pharmaceuticals company Mylan made its third visit to the euro corporate bond market in three years on Wednesday when it sold a €500m seven year deal with a €1.3bn order book.

Italian energy company Enel sold €1.25bn of new hybrid bonds this week to help fund the repurchase of its hybrids with 2019 and 2020 call dates.

German screws and fastenings wholesaler Würth this week found its domestic investor base had stayed loyal after a three year hiatus from the corporate bond market. However, it also found material offshore interest too.

The first two days of this week saw more than €10bn of bond issuance, with more than a quarter of that volume made up of three deals sold by auto finance issuers. All three deals managed to achieve new issue premiums of 10bp or less, which was tighter than the majority of deals the week before.

German media company Bertelsmann pulled a €500m seven year corporate bond issue on Thursday as the market showed signs of indigestion after what was already one of the busiest weeks of the year for corporate issuance.

When the euro corporate market attempted to return to full speed after a pause on Wednesday, investors were given a tough choice between three triple-B rated issuers all selling seven year bonds and another selling a sub-benchmark five year tranche. The result was a bad one for issuers.

German media company Bertelsmann pulled a €500m seven year corporate bond issue on Thursday, just hours after launching the deal alongside two other seven year deals.

US pharmaceuticals company Mylan made its third visit to the euro corporate bond market in three years on Wednesday when it sold a €500m seven year deal with a €1.3bn order book.

Egypt’s Banque Misr is looking to raise dollar funding from the loan market, according to lenders, continuing the trend of financial institutions in the country raising international bank debt.