BBVA

There was little let-up in demand for property companies' bonds on Tuesday, as investors stocked up on Inmobilaria Colonial and debut issuer Sirius Real Estate, before the void of issuance expected from the tail end of this week.

Stellantis, the entity formed by the merger of car makers Fiat-Chrysler Automobiles and PSA Group, printed what the lead managers reckon was the longest maturity bond in euros from the sector in its ratings bracket, though the market was divided over whether peers could print similar deals.

French insurer Macif hit all the subordinated formats available to insurance issuers on Monday, as it attracted a bumper €14bn book for a triple tranche deal to fund its acquisition of Aviva France.

Atresmedia and Sipartech came to the euro loan market this week, as lenders say there are already signs of borrowers packing up for the summer.

Enel, a long term sustainable finance champion, took €10.4bn of orders for its triple tranche sustainability-linked notes this week, but needed to pay up for longer maturities as inflation worries persisted.

French insurer Macif is set to issue up to €1.75bn of subordinated debt to fund its coming acquisition of Aviva France.

Atresmedia has signed a €250m sustainability-linked loan, becoming the first Spanish media company to do so.

Mondi, a UK packaging and paper company, has signed a €750m revolving sustainability-linked facility, days after completing an acquisition of a Turkish packaging firm.

Europe’s corporate bond market has seen an influx of ESG deals from highly polluting sectors, testing how much environmentally and socially conscious investors buy into firms' transition stories.

Europe’s high grade corporate bond market had a distinctly Spanish flavour on Tuesday as Cellnex and Merlin Properties issued. Some analysts predict that the healthy earnings season might mean a 15% rise in bond issuance from the European market.

Financial institutions will have a tough time issuing sustainability-linked bonds (SLBs), according the head of BBVA’s corporate and investment bank, who said at a conference on Thursday that she expected banks to focus more on debt with a dedicated use of proceeds.

Banco de Crédito Social Cooperativo (BCC) was able to increase the size of its latest tier two offering to €600m, after attracting a number of new accounts to a deal that will fund the repurchase of its existing deals in the format.