UniCredit

Three financials are looking to retest the market’s appetite for additional tier one deals, after a two week hiatus for the asset class that has seen spreads on recent AT1 bonds widen, raising the question of whether the next round of trades will enjoy the stellar primary market successes of their peers.

Syngenta, the Swiss agricultural chemicals group, enjoyed the keen demand for a rare bond issue on Monday, thanks to its strong ratings and scarcity as a borrower.

The first Italian additional tier one capital issue could be very close, as bank capital specialists prepare for the new product's next phase of growth after a two week hiatus.

Investors should expect a rush of aggressively priced deals from SSA issuers in the coming weeks, according to syndicate bankers. Borrowers emboldened by a strong new issue market are considered likely to throw caution to the wind and turn their eye to securing very attractive levels in lieu of large sizes.

Rating: Aaa/AA+/AAA

Deutsche Pfandbriefbank (Pbb) returned to the covered bond market on Tuesday to issue a €500m five year benchmark. The book attracted over €1.1bn of demand, a stronger performance than the disappointing eight year benchmark that it priced in January.

The European Investment Bank and UniCredit have agreed to provide €700m of medium and long term loans to small and medium-sized companies in Italy.

GDF Suez, the French gas and electricity group, has launched a €5bn loan facility into the market, seeking to refinance debt early to take advantage of low loan margins.

CEE sovereign issuers are standing firm this week, boldly pressing on with their bond issuance plans despite President Vladimir Putin's draft bill approving Russia's annexing of Crimea and the sanctions imposed on Russia by the US and the EU.

Anima Holdings launched an €600m IPO on Monday, as the asset management firm hopes to lure investors with the rare promise of southern European financial institution exposure without the worry of banks' troublesome balance sheets.

Spanish construction firm ACS has raised €405.6m through a five year bond exchangeable into Iberdrola shares less than six months since a similar €720m transaction exchangeable into the utility firm’s stock.

Länsförsäkringar Hypotek (LF Hyp) issued Sweden’s first covered bond deal of the year on Tuesday, after Finland’s OP Mortgage Bank attracted excess demand for its deal on Monday. The Swedish bank’s euro funding was notable for being cheaper than that achievable in its home market.