SEB

Europe’s high grade primary market chugged on with a handful of trades on Wednesday, but syndicate bankers acknowledge that supply looks to be muted in what should usually be a hectic period.

Svenska Handelsbanken found tight pricing for a dual offering of additional tier one (AT1) notes on Tuesday. It became the first European bank to set a dollar AT1 coupon of less than 4.5% for one of its tranches.

Experian Finance, a credit scoring company, was out in the sterling bond market on Monday as a slew of euro corporate bond mandates hit screens. But the flurry is unlikely to lift a lacklustre September and a final quarter issuance window stymied by the US election means that analysts expect euro debt volumes to be almost flat on 2019.

Avinor, the Norwegian airport and air navigation services company, found enough demand to cover its €500m no-grow trade by six times on Thursday, with the company's 100% state ownership winning over investors.

Avinor, the Norwegian airport and air navigation services operator, has hired banks for a €500m no-grow bond issue, in the latest test of investor appetite for the heavily battered aviation sector.

Swedish debt purchaser Intrum sold a tap of its 4.875% 2025 unsecured notes on Wednesday, intending to use the funds to part-pay its revolving credit facility. With a strong backdrop, and plenty of RCF drawings still outstanding, the company increased the deal by €50m during syndication.

Rating: Aaa/AAA/AAA

Daimler blasted far through its conventional bond curve with its €1bn debut green deal on Thursday, in a first for the European automotive industry that is expected to herald a spate of similar issuance — and could reset expectations about the difference between green and conventional bond pricing.

In a busy week for European sovereign sustainable issuance, Municipality Finance took the chance to sell its debut social bond — the first in the format from any Nordic SSA.

Following a series of investor calls, Sweden has announced the tenor of its debut green bond, which is expected to be issued early next week through syndication.

Oil and gas companies are facing the daunting prospect of the world weaning itself off fossil fuels. And this is sparking intense discussions with banks and investors, as these businesses consider how to preserve their access to capital markets.

Municipality Finance will be holding a series of investor calls next week as it looks to issue its inaugural social bond following the publication of a framework earlier this year.