UniCredit

Honeywell International, the US technology and manufacturing conglomerate, is heading to Europe for a bond issue, as Reverse Yankees continue to be popular.

The euro market had no trouble digesting a pair of similar trades from Landesbank Baden-Württemberg (LBBW) and Svenska Handelsbanken this week, with both banks printing non-preferred senior bonds at 58bp and paying a small new issue premium to investors.

Italy is on screens with a 15 year benchmark, opting for the long end of the curve in spite of the concern some bankers have expressed about the difficulty of selling long dated debt.

Société du Grand Paris and the City of Munich will break new ground in the socially responsible bond market this week as the pipeline for green and social debt from public sector borrowers builds.

Marel, the Icelandic company that makes food processing equipment, has signed a €700m revolving credit facility, becoming the latest investment grade borrower to switch its bank debt to a sustainability-linked structure.

Shares in UniCredit, Italy’s largest bank by assets, closed 8.1% higher on Thursday after the bank cut its stake in Turkey’s Yapi Kredi, while announcing a dividend increase and a share buy-back.

Cepsa, the Spanish oil company, and Tyco Electronics, the US sensor technology company whose parent TE Connectivity is headquartered in Switzerland, hit screens with single tranche bond issues on Thursday, giving investors a break from the rash of jumbo deals in euros earlier this week.

Cassa Depositi e Prestiti will come to market on Tuesday with a 10 year euro benchmark financing social housing projects in Italy.

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Few MTN issuers have so far issued in the Libor-replacing euro short term rate (€STR) format, with deals limited so far to supranationals, agencies and, this week, a sub-sovereign. Some bankers blame the 2017 EU Prospectus Directive for tightening up the rules on adding new indices to programmes, leaving non-exempt issuers on the sidelines.

Austria's new benchmark was over 10 times covered on Wednedsay, making the sovereign the latest in a string of its peers to receive a record order book for a syndicated bond this year.

Telefonica, the Spanish telecommunications company, issued senior and hybrid bonds in euros on Monday. While it picked a horrendous day for markets for its offer, Telefonica still managed to pay small or negative price concessions relative to its secondary curve.