Santander

A new flurry of investment grade corporate bond issuers jumped into the market on Wednesday morning, after Danaher priced its €6.25bn five-tranche Reverse Yankee note. Getting that deal out of the way gave other corporate borrowers room to bring bonds of their own — and plenty are expected to in the run-up toe the European Central Bank's monetary policy announcement on September 12.

Paddy Power is looking to sell US private placements in the next few weeks, according to market participants, as the Irish bookmaker is set to recreate the success of Australian peers in the market.

Danaher printed its much anticipated €6.25bn jumbo bond issue on Tuesday. The US conglomerate, rated A2/A, focused its five tranches on intermediate to longer tenors, which corporate syndicate bankers took to indicate where many investors want to put their money.

Two near-investment grade industrials made a splash in the high yield bond market on Monday, with both Smurfit Kappa and Thyssenkrupp getting their order books oversubscribed multiple times.

Europe’s corporate bond market has made a remarkably strong start to the autumn issuing season, with €14bn of euro and sterling issuance in the first two open days for issuance (Tuesday and Wednesday) and another €1.5bn on Thursday.

International investors this week enthusiastically bought a $500m ‘sustainable transition bond’ issued by Marfrig, the second biggest Brazilian beef producer. The deal highlighted its efforts to make its supply chain more sustainable. But Greenpeace, the environmental NGO, argues it is impossible to be sure the supply chain does not include harmful practices.

The latest idea captivating sustainable finance enthusiasts is transition bonds.

Marfrig Global Foods, the Brazilian beef producer, has stirred up the green finance market by issuing a $500m ‘sustainable transition bond’. To some, it is a template for a new asset class that can help finance the global economy’s shift to lower carbon emissions. To others, it is a shocking case of greenwashing. By Oliver West and Jon Hay.

UK bank debt has been having a hard time this week, with spreads gapping out by about 15bp on fears that the country could crash out of the European Union without a deal.

Brazilian meatpacker Marfrig is looking to fund cattle purchases that meet its environmental and sustainability criteria through a debt sale that the company is describing as a “sustainable transition” bond.

Investors poured orders into the only new issue on Friday, despite a softer backdrop in the corporate bond market. Repsol, a Spanish energy company, was more than six times subscribed for its €750m eight year note.

Banco Santander felt vindicated in cancelling Andrea Orcel’s appointment as group chief executive when it later found out that he had been recording conversations without permission, the Spanish bank said in a statement on Friday.