UniCredit

Tradition’s Trad-X dealer-to-client central limit order book has won two more members, as UniCredit and Actiam have joined the electronic rates trading platform.

Delivery Hero, the German online food ordering marketplace, has returned to the equity-linked market six months after its debut to issue a jumbo €1.5bn dual-tranche convertible bond to fund M&A opportunities.

Spanish issuers were out in Europe’s corporate bond market on Monday, with Cepsa and Merlin Properties raising debt, as bankers and analysts expect a few weeks of “opportunistic” issuance in the run-up to earnings blackouts.

NRW.Bank’s inaugural social bond sparked a flurry of 15 year trades this week as a flattening French curve and the positive yields on offer helped spur on demand, with three issuers opting to follow the German agency’s successful trip to the maturity on Wednesday.

Bayer, the German life sciences company, enjoyed blow-out demand for its €6bn multi-tranche bond issue on Wednesday, days after agreeing to pay up to $10.9bn to settle a lawsuit over claims its weedkiller, Roundup, causes cancer.

The 15 year tenor is the flavour of the week in the SSA market. Three issuers have mandated for deals at the tenor so far, following on from NRW.Bank’s successful trip to the maturity on Tuesday.

CaixaBank attracted plenty of demand for its first Covid-19 bond on Wednesday, printing a €1bn deal at a spread that was through the fair value implied by its outstanding securities.

Deutsche Bank has joined many of its European peers in looking for savings in the dollar market, opting for an unusual maturity structure with a new tier two deal in the currency on Monday.

NN Bank used a quiet market this week to launch the first deal from its new soft bullet covered bond programme. The inaugural deal carried an ‘attractive’ spread and was more than three times subscribed at final terms.

NN Bank unveiled plans on Monday to issue its first covered bond from its newly published soft-bullet programme. At the same time, Berlin Hyp has mandated lead managers for the sale of a new green covered bond.

Hannover Re gave away a bit of premium for a new tier two this week, after it touched on the lower bound of the spreads available in the market for insurance capital.

European banks jumped into the US dollar market this week, with some issuers clocking up huge savings in the currency versus what their home markets could offer.