Santander

A trio of firsts are coming to the high grade corporate bond market this week, with a debut hybrid from Italian oil and gas firm Eni, a green first for French chemicals company Arkema and a postponed entry to the Eurobond market for Danish pharmaceutical firm Lundbeck.

BPER Banca, the Modena-based banking group, has unveiled the terms for a €800m rights issue to fund an acquisition of hundreds of branches across northern Italy from Intesa Sanpaolo.

Fresnillo, the Mexican mining company, notched a first bond in seven years close to where bankers spotted fair value on Tuesday to reassure market participants that issuance are good for strong credits.

Fresenius, the German healthcare company, pushed ahead with a €1bn dual tranche no-grow trade on Monday, despite an issuer in another sector pulling its deal as wider markets plummeted.

Spanish telecoms group MasMovil is preparing a €720m bond, the second part of the financing for its take-private by Cinven, KKR and Providence Private Equity. Most of the €2.9bn financing came through a loan issue, allocated in July, with the bonds readied following shareholder acceptance for the offer last week.

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.