UniCredit

European Investment Bank received a warm welcome on Wednesday for its fourth euro benchmark outing of the year.

The European Investment Bank will on Wednesday tackle a part of the euro curve where Finland drew a strong book last week, as the European Financial Stability Facility made light work of its funding needs for the third quarter.

Glencore, the Anglo-Swiss commodity trading and mining company, returned to the euro corporate bond market on Tuesday for its first issue since its secondary spreads widened dramatically almost a year ago.

Türk Ekonomi Bankasi (TEB) and Vakifbank have adopted margin ratchets in their latest loans as a swathe of Turkish banks face ratings downgrades.

Saipem, the Italian oil services company, on Thursday priced €1bn of unsecured bonds in a high yield market still looking at a thin pipeline.

Turk Ekonomi Bankasi (TEB) has signed a $567m loan, led by seven bookrunners, which includes the same margin ratchet as other Turkish banks Akbank and Vakifbank.

Koninklijke KPN, the Dutch telecoms company, on Tuesday boosted the size of an initial €1bn offering after books were five times covered despite competing against three other borrowers for investors’ attention.

DNB Boligkreditt issued a larger than average euro benchmark 10 year covered bond on Tuesday at a spread that was arguably flat to its curve illustrating solid demand for non-Eurozone deals that still of a substantial pick-up to core markets.

Sparebank 1 Boligkreditt followed Commerzbank into the covered bond market this week with another 10 year and with a 20bp premium to the German lender, its sale was a lot smoother.

UniCredit Italy took advantage of constructive conditions and scarce Italian covered bond supply to launch a 10 year on Wednesday. The bank was rewarded with a well oversubscribed order book while paying little new issue premium.

A surfeit of supply hit the long end of the covered bond curve this week as issuers piled in to take advantage of extraordinarily cheap funding conditions that are unlikely to last long. Bill Thornhill reports.

A dance of low yield limbo is forcing public sector borrowers to rewrite their autumn funding plans as crushed rates have made the short end of the euro curve all but inaccessible. Lewis McLellan reports.