Santander

UniCredit took a large chunk of its additional tier one (AT1) funding off the table ahead of the summer break with the sale of a €750m note on Wednesday.

Acciona Energia, the Spanish renewable energy company, is due to price its IPO at €26.73 a share, the bottom of the initial range, having closed order books on Tuesday afternoon, according to sources close to the transaction.

Greenvolt, the Portuguese biomass energy operator, is preparing to go public on the Lisbon stockmarket, having announced its intention to float this week.

A smattering of smaller euro issuers made the most of an attractive window this week, as they looked to use the stable conditions to take “some risk off the table” ahead of the summer break.

Rating: A3/—/A

Generali was in the market for a tier two bond with a sustainability label on Thursday, its first issue from its newly minted framework.

Orange, the French telecoms company, launched €1.5bn of conventional bonds in two tranches on Wednesday, as the company’s group treasurer said he was waiting for the sustainability-linked bond market to mature before joining the quickly growing debt niche.

Yorkshire Building Society paid a rare visit to the euro market on Tuesday as it offered a small premium for a €600m preferred senior deal. Bankers expect issuance to slowly dry up over the next few weeks as the market prepares for the summer break.

Senior and covered bond plans were flowing into the deal pipeline on Monday, with issuers keen to buck the softer tone and print before the start of the summer break.

Banco Santander and Banque Fédérative du Crédit Mutuel found good demand for new green senior deals on Thursday, after they tested euro market conditions in the wake of a hawkish surprise from the US Federal Reserve.

Europe’s high grade bond market hosted issuers at both ends of the rating spectrum on Wednesday, with Italian transmission company Terna and Singapore’s Ascendas Reit finding ample demand for their higher rated debt.

Stellantis, the entity formed by the merger of car makers Fiat-Chrysler Automobiles and PSA Group, printed what the lead managers reckon was the longest maturity bond in euros from the sector in its ratings bracket, though the market was divided over whether peers could print similar deals.