Société Générale

A sell-off in eurozone government debt last week, over rumours that the European Central Bank might start tapering its quantitative easing programme, may have helped issuers bring more shorter dated deals in euros this week than have been possible for months — but some issuers are wary that more volatility could be ahead.

Including redemptions and central bank buying, the investable eurozone covered bond market has shrunk almost €80bn so far this year. No surprise, then, that three seven year deals issued this week by Ibercaja, Banco Sabadell and Bank of Montreal were swamped with demand.

Including redemptions and central bank buying the investable eurozone covered bond market has shrunk almost €80bn so far this year. No surprise then that seven year deals issued on Thursday by Banco Sabadell and Bank of Montreal were swamped and priced with virtually no concession.

A diverse group of issuers forged ahead with their respective fundraisings on Thursday, seeking everything from dollars to Singapore dollars and green debt.

Investment grade corporate issuers hit the euro bond markets in force on Tuesday with five primary transactions in play, but defensive deal sizes characterised the frantic flow.

The European Stability Mechanism (ESM) and the Société de Financement Local (SFIL) sold benchmark debt to an increasingly welcoming market for euro-denominated paper on Tuesday.

Snam, the Italian gas utility, issued a €1.25bn 10 year bond on Monday, winning praise from bankers away from the deal as it printed with no new issue premium.

With one quarter left of 2016 to go and global issuance 22% down, the equity capital markets bookrunner race is going into its final straight. Familiar faces are leading the pack, but incumbents in general are having a tough year.

Air Liquide's €3.28bn rights issue, the biggest in the world last year, was a blowout success.

Sodexo, the French catering, support and care services group, hit the euro market on the same day the US released nonfarm payrolls for a €600m 10.5 year bond that clinched "super tight" pricing.

The Dutch lender has mandated leads for an ultra-long soft bullet covered bond which will follow a roadshow due to begin next week.

Electricité de France tapped three different European investor bases in one go on Thursday as it hit the euro, Swissie and green markets for €3.1bn-equivalent of bonds.