Société Générale

Has Europe’s corporate bond market ever been hotter than today? Perhaps, but Monday’s four investment grade deals totalling €7.4bn offered ample evidence of extraordinary demand — not least, what is believed to be the most tightly priced corporate hybrid capital issue ever, for Danone.

Agence Française de Développement will go on tour to market its newly established climate bonds programme in preparation for a euro deal with a tenor between five and 10 years.

En+ Group, the Russian power and metals company controlled by Oleg Deripaska, has opened the books for its $1.5bn IPO in London and Moscow, which may value it at up to $8.5bn if the deal is priced at the top of its price range.

Just three months after Nestlé last extended its corporate bond curve, the Swiss food group is back in the market. On Friday it pushed its range of maturities even further.

After utility companies dominated the investment grade benchmark corporate bond market last week, Iren followed this week with a debut green bond that was priced tight to its secondary curve.

Italian telecoms firm Wind called on the high yield market on Wednesday, as it planned to refinance most of its debt with a dual currency five tranche offering, deploying 20 bookrunners in the process.

French car hire group Europcar opened the high yield bond primary market on Monday with new debt to fund the acquisition of Spanish peer Goldcar, demonstrating how little investors are worrying about the escalating crisis between Catalonia and Spain over the former's push for independence.

A $2.5bn refinancing by Reliance Industries (RIL) and its telecommunications arm, Reliance Jio Infocomm, has been opened to retail participants.

CMA CGM, the French container liner, priced its first bond issue on Tuesday after improving on its triple-C ratings. Investor demand was enough for the issuer to double the size of the deal.

All four investment grade benchmark corporate bond deals that priced last week were from utilities. On Tuesday, Italian multi-services utility, Iren, and Dutch grid operator, Stedin, took the count to six.

French shipping group CMA CGM will launch a sub-benchmark sized bond on Tuesday, a week after S&P Global upgraded the rating of its unsecured note issuance from CCC+ to B-, bringing it into line with Moody's B3 rating.

The mandate for Reliance Industries’ $2.5bn refinancing has been revealed. The deal will consist of three portions, the bulk of which will replace a $1.5bn loan taken by one of its subsidiaries in late 2014.