UniCredit

Austrian agency Asfinag won a big order book on Tuesday, allowing it to price 3bp tighter than guidance, in a 10 year tenor the issuer hasn't accessed since 2009. Municipality Finance and the German federal state of Lower Saxony will add to the euro SSA supply on Wednesday with a 10 year green bond and a seven year benchmark, respectively.

A renewed appetite for risk was felt in Europe's corporate bond market this week, after US president Donald Trump appeared to have made overtures to the leaders of China and North Korea. Two issuers took advantage: Merck of Germany, with an acquisition financing, and ArcelorMittal, with a modest tap.

Three public sector borrowers announced plans for new issues on Monday as issuers took advantage of a shift in sentiment following the G20 summit at the weekend.

HTM Sport, the Austrian subsidiary of sports and clothing brand Head, has returned to the Schuldschein market looking for debt in euros and dollars.

Rating: Aa1/AA+/AA+

Schuldschein borrowers, with the help of arranging banks, are for the first time offering different pricing ranges on issues of fixed and floating rates, as the market tries to find ways of dealing with the prolonged period of negative interest rates.

Volkswagen has closed the books on the long-awaited spin-off of its truck division, Traton, at €27 a share, the bottom of the price range. It was a positive result for the company, according to sources speaking to GlobalCapital.

Buzzi Unicem has returned to the Schuldschein market, looking for at least €100m of debt in four maturities. The pricing levels are tighter than on the Italian cement and concrete group’s debut Schuldschein in 2017. Bankers thought this was thanks to investors' growing familiarity with the borrower, as well as a rating upgrade from Standard & Poor's.

Motability Operations Group, the UK company that operates the UK government's scheme to provide cars for the disabled, printed a £1.438bn-equivalent euro and sterling three tranche bond on Wednesday, in a busy day that also brought a €1bn two part issue from OMV, the Austrian oil and gas company.

The Republic of Austria received huge investor demand for its five year euro benchmark on Wednesday, despite the bond being priced with a yield below the European Central Bank’s deposit rate. The sovereign also took advantage of the rally in eurozone government bond yields to tap its outstanding century bond for a further €1bn.

UniCredit brushed aside any volatility in the broader Italian capital markets to issue its second senior transaction in as many weeks on Wednesday, getting away without paying a premium to its investors.

The Republic of Austria hired banks on Tuesday for a five year syndicated bond while seeking investor feedback for a 100 year issue as it looks to lock-in super cheap funding following the recent rally in eurozone government bond yields.