UniCredit

The few hybrid deals that have been printed in 2017 have seen overwhelming demand amid the current low rate environment. A €300m deal from German agriculture servicing company BayWa on Wednesday was no different, even if some of the bond’s features were more unusual.

Italian auto finance bank FCA Bank on Wednesday opted to go for a short maturity for the lowest cost of funding for its latest bond issue. A €800m three year deal achieved just that, pricing with barely any new issue premium.

French optician Alain Afflelou is considering a yield of about 4.5% for its first bond since suspending plans to float on the Paris bourse. Investors branded the figure “punchy”.

After three days without a deal, the euro corporate bond market reopened with nearly €2bn of new issuance from three different issuers. The auto finance lender, FCA Bank, issued a three year deal, French electrical equipment manufacturer, Legrand, sold six year bonds, while French toll road operator, Cofiroute offered a 10 year transaction.

Czech rental housing company Residomo is marketing a €680m seven year non-call three year senior secured bond that is expected to garner interest from global high yield accounts and emerging market investors.

The IPO of Pirelli, the Italian tyre company, has been priced at €6.50, the bottom of the revised range, valuing the business at €6.5bn.

Volkswagen Leasing brought its second euro corporate bond deal of 2017 on Monday. The €2.25bn dual tranche offering took Volkswagen’s total issuance this year to €17.25bn. This is more than twice as much as General Electric, the next highest issuer by volume.

Turkey’s state-owned Ziraat Bank on Monday morning took orders of $1.25bn to print its second senior trade of the year in what bankers said was a notably softer market.

CPI Property, a big owner of real estate in central and eastern Europe, took to euros for its first international bond on Wednesday, and in doing so priced the biggest ever real estate bond from the region.

Automotive finance companies rarely issue corporate bonds with tenors longer than four or five years, due to the assets they need to fund. This week, however, three of them sold five year bonds.

ING is planning to bring on a director of leveraged capital markets from Société Générale early next year.

Both investment grade corporate bond new issues on Wednesday came from French issuers. Surprisingly, Total issued its first euro bond of 2017, while PSA Banque France sold its second.