UniCredit

Europe’s primary convertible bond market has reopened after the Easter break with two new deals on Friday from issuers with very different sector profiles.

Esoteric names from the FIG market are expected to fill the post-Easter issuance pipeline to take advantage on the constructive market conditions on offer.

Rating: A3/—/A-

Lansforsakringar Bank (LF Bank) enjoyed the sole attention of the market on Thursday as it placed the day's only senior bond in euros. With market conditions constructive, bankers expect more esoteric names could follow.

Portugal began the price discovery process for its new 10 year syndicated bond on Wednesday close to fair value in an effort to give as much clarity to investors as possible on the final level, according to lead managers.

Romania this week returned to the international debt markets to issue euro-denominated bonds.

Synlab, the German laboratory diagnostic services company, has announced its intention to float on the Frankfurt Stock Exchange.

Italy and Portugal are the first two eurozone sovereigns out of the blocks for syndications following the Easter break, with the former looking to extend its curve by a further five years.

Three banks jumped into the euro senior market after the Easter break on Tuesday, benefitting from stable demand and printing with low new issue concessions.

JDE Peet’s, the Dutch coffee and tea company, and German retail and travel cooperative Rewe Group became the latest European borrowers to move their bank lines to be priced off sustainability-linked metrics, linking the margin on a combined €3.25bn of debt to ESG KPIs.

Deutsche Wohnen continued the seemingly insatiable drive for debt from European investment grade real estate companies on Monday, while Canary Wharf lined up its debut green deal to come as soon as Tuesday.

FACC, the Austrian aerospace components company, has amended the financial covenants on its syndicated loan, as large chunks of the EMEA airline sector continue to renegotiate debt tests.