Santander

Delta Air Lines raised $6bn this week, joining the September stampede by companies to plug their bank accounts and lock in cheap funding.

Banks and insurance companies were falling over one another to issue green bonds this week, with deal arrangers seeing ESG labels as near infallible ways of bringing pricing through fair value, write Tyler Davies and David Freitas.

Coventry Building Society struggled to build much momentum behind the sale of a new senior bond this week, as the sterling market proved especially vulnerable to new fears around Brexit.

Amadeus IT group, the Spanish travel technology company, and German logistics company Kion Group offered corporate bond investors the chance to pick up riskier debt on Thursday, as the demand for higher yielding securities drives large parts of the primary market.

Commerzbank and Unipol Group ‘ticked all the boxes’ with their new green senior transactions on Wednesday, amassing large orders from investors.

Coventry Building Society was unable to tighten its pricing for a new senior bond in the sterling market on Monday, as UK credit spreads widened on the back of the latest Brexit developments.

Europe’s high grade corporate market continued to offer plenty of demand for riskier structures this week, with multiple hybrids again taking up screen space.

Senior deals from Banco de Sabadell and Mediobanca underlined the pricing benefits of printing in green formats this week, with both coming inside conventional curves. Other issuers could be tempted to follow.

Shell, the oil and gas major, visited the sterling bond market for the first time for around six years on Thursday, printing £1bn of long maturity debt and creating a curve out to 2052.

Glencore, the UK commodity trading company, captured the corporate bond market’s attention on Wednesday with the first test of demand for a cyclical credit since the summer break. Investors jumped at the deal, with leads launching it flat to the borrower’s curve.

Corporate bond investors had another chance to pick up some spread on Tuesday after August had closed with a flurry of hybrids, with crossover trades from French nuclear power company Orano and Italian electricity company Enel.

Mediobanca was able to attract demand seven times the size of its new €500m senior bond on Tuesday, which was its debut green deal. The high demand allowed the issuer to launch with a negative new issue premium based on its conventional curve.