Santander

Dutch bank ING made a triumphant return to the dollar market this week, launching its first SEC-registered trade in almost two years as it added to Yankee bank supply.

The FIG market enjoyed its busiest week of the year so far but not all trades are working as investors shun tightly priced deals, particularly those at the long end.

Europe’s high grade corporate bond market had a more relaxed pace on Thursday, though two issuers brought seven year green bonds: Italian railway company Ferrovie dello Stato and Neste, the unrated Finnish oil refiner which is transitioning to produce biofuels.

Vienna Insurance Group was unable to build momentum in its 15 year bond syndication on Thursday as long dated US treasury yields climbed higher. The insurer was joined in the primary market by Santander, which paid a premium to launch its first callable non-preferred issue.

The sterling corporate bond market had three visitors on Wednesday, making it the busiest day this year, and raised a combined £1.565bn, an unusually large amount for corporate sterling issuance.

Europe’s high grade corporate bond issuance pipeline is starting to swell for the week, with syndicate bankers confident that there is plenty of demand despite order books shrinking in the last week.

European banks will exercise extreme caution in dollars after an ill-fated senior deal from Swedbank this week. It could signal the end of a long run of ultra-easy borrowing conditions in US credit markets, with severe volatility stemming from fears of rising interest rates. Tyler Davies reports.

Swedbank got stuck at initial price thoughts for a $750m three year preferred senior bond in the dollar market this week, having been forced to drop a longer dated leg from its offering.

WH Smith, the UK high street retailer, has extended its bank term credit lines and cancelled a crisis liquidity facility, as the borrower posted better than expected trading figures since the start of the year.

Heathrow, the London airport, landed a solidly executed £350m seven year bond on Tuesday, carried by the strong tailwind of the UK moving out of coronvirus lockdown.

Europe’s high grade corporate bond investors had their pick of US names this week, with issuers cramming in to raise €7.2bn of debt across 10 tranches.

Bank of Ireland’s inaugural green bond attracted the largest financial senior book in euros this week, peaking at €2.5bn, as it offered investors a chance to pick up labelled paper at a shorter tenor and with plenty of spread.