UniCredit

The UK’s Royal Mail obtained chunky orders for a seven year euro bond issue on Tuesday, bringing home to bankers how much money is still in the system, despite the heavy issuance of corporate debt in the past month.

Initial price guidance has been set for two corporate bonds from issuers in the CEE region — EP infrastructure and Metinvest. Both deals expected to be printed later on Tuesday.

Österreichische Kontrollbank (OeKB) is moving ahead with its debut socially responsible bond, after meeting investors earlier this month. Meanwhile, a French agency is preparing to showcase its own sustainable programme ahead of its debut benchmark bond.

SoftwareOne Holding, the KKR-backed IT services company, launched its IPO on the SIX Swiss Exchange on Monday.

Banco BPM and Abanca made use of favourable issuance conditions this week to beef up their capital buffers. The Italian lender priced the 10 year non-call five deal at a 4.25% coupon and the Spanish issuer priced its 10.5 year non-call 5.5 year bond at 4.625%.

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Siberian Anthracite, the largest producer of anthracite coal in Russia, has closed a dual currency loan refinancing, adding a large euro chunk to its existing dollar debt. The deal points to a growing inclination towards euro funding among Russian borrowers in a bid to avoid operational and sanction-related obstacles, say bankers.

Europe’s high grade corporate bond market maintained its steady flow of new issues on Wednesday, with Infineon Technologies heading into the euro market for a dual tranche hybrid, while BMW drove by in sterling and more names populated the pipeline.

While it is no surprise that a public sector borrower has brought the first floating rate note linked to the euro short term rate (€STR), it was a surprise that a small German agency would bring the inaugural transaction, especially as it is some weeks before the European Central Bank (ECB) is due to begin publishing the recommended new risk-free rate.

Italian banks from across the spectrum of credit quality have accessed debt capital markets this week, as they enjoy funding costs that might not have seemed possible in the middle of the term of the country’s previous government.

Small cracks started to appear in the euro corporate bond market on Thursday, after a busy month, as companies launched a spate of deals. An already bulging pipeline means there will be little time for the market to catch its breath.

China National Chemical Corp (ChemChina) is seeking lenders’ consent to amend terms of a $5.5bn dual-tranche loan sealed last year, as it undergoes a debt restructuring, according to bankers.