UniCredit

The Euro corporate hybrid bond market has evolved exceptionally well since 2013, reaching a total market size of circa €85bn as of today, having become a well accepted, fairly standardised source of funding for many corporates. Featuring debt and equity characteristics alike, hybrids offer accounting, rating as well as tax benefits and create economic value for issuers. For investors, hybrids offer a welcome opportunity to diversify their investment portfolio and increase average return, but inherent risk should be eyed carefully.

The Republic of Poland printed an impressive €1.75bn six year bond on Wednesday with a skinny new issue premium, adding to the pile of successful CEEMEA bonds printed this week.

The European Stability Mechanism looks set to issue its longest euro bond to date after sending out a request for proposals on Wednesday, as the European Union mandated for a long dated tap. Meanwhile, a German state hits the spot for investors.

Poland has released price guidance for a six year euro benchmark at a level which bankers away from the deal said offers a reasonable new issue premium.

A European sub-sovereign is set to bring its shortest dated benchmark in 18 months after mandating banks on Tuesday for a four year deal.

Turkey’s Yapi Kredi Bank has named the 38 lenders in its latest $1.2bn-equivalent one year loan.

Norilsk Nickel opened books on a seven year benchmark bond on Tuesday morning, which should help answer a key question on the minds of bankers and prospective borrowers — just what do Russian corporates have to pay to come to market?

Vitol, the Switzerland-headquartered oil trader, has signed its annual loan refinancing, increasing the loans from $7.5bn to $8bn.

Oil trader Vitol is expected to finish its annual financing of flagship loans by Wednesday, according to a banker on the deal.

Commodity trader Gunvor has launched its $1bn annual loan refinancing, following a deal for its Asian subsidiary that doubled in size after strong demand from lenders.

KfW

The euro market’s strength over dollars is impelling public sector borrowers to line up the currency for rare or even debut visits — and there are strong signs this opportunity could last longer than earlier windows.