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This week produced an encouraging run of equity block trades, with a sprinkling of modestly sized deals on Tuesday, Wednesday and Thursday.

A falling euro/dollar basis swap has made dollar issuance for euro funding borrowers more attractive — but with a crucial US rate decision looming only a brave or foolish issuer would take the opportunity.

Estonian power company Eesti Energia opened books on a new euro transaction on Thursday morning, following the deadline for a tender offer on its outstanding bonds the day before.

BMW, FCE Bank and Daimler added to the recent surge of activity from autos this week, with all three taking to the euro market to sell floating rate paper.

With increased activity in the euro investment grade and US high yield markets, bankers feel confident the European high yield pipeline should start making real progress, despite this week’s activity being restricted to a single roadshow.

Two Spanish issuers made up the sole corporate supply on Monday, with Iberdrola and Telefónica both tapping the market. Both companies received a warm welcome from investors, who are seemingly unperturbed by upcoming elections in the country writes Nathan Collins.

Swisscom had the benchmark market to itself for a 10 year print on Tuesday, drawing a hefty order book for a small deal and managing to steal a march on the swathe of issuers that sold benchmarks later in the week.

Bank and financial names led a dramatic revival in the dollar primary market this week, printing more than $20bn of bonds after a three week lull.

Etihad Airways, in search of a platform from which to fund itself and its subsidiaries, has turned to the bond market’s financial laboratory and come up with a unique structure that has emerging market investors doing some serious credit work.

Germany is set to become the first eurozone sovereign to settle its derivative transactions via central clearing, after announcing plans on Monday to become a direct clearing member of EurexOTC Clear.

Lebanon has sent out its request for proposals for a new Eurobond, just as Moody’s warned that political protests reflect growing instability that could hit economic growth and confidence in the banking system.

Africa Loans — Bulgarian Energy Holding — OSN — Conviviality