BBVA

Banco de Sabadell was met with good demand this week for the first euro additional tier one benchmark of 2021, as investors welcomed the rare opportunity to pick up subordinated bank debt in the primary market.

Daimler, the German car maker, sold green debt on Thursday. Though the company printed inside its conventional curve, it did not match the sort of negative concessions it achieved in its debut green outing.

Hamburg Commercial Bank is aiming to establish a regular market presence as part of its post-privatisation transformation plan by following a senior deal on Tuesday with a return to a non-preferred format later this year.

Commerzbank and Crédit Mutuel Arkéa shared the spoils in the senior market on Thursday, with the pair tapping opposing ends of the curve and vastly different pools of investors.

Enel, the Italian power and gas company, proved that demand still exists in euros for chunky hybrid debt with a €2.2bn dual tranche deal on Wednesday that saw more than three times oversubscription at peak demand and offered no new issue concession.

Banco de Sabadell was met with good demand for the first euro additional tier one benchmark of the year on Tuesday, as investors welcomed a rare opportunity to pick up subordinated bank debt in the primary market. Alpha Bank could add to the supply later this week after unveiling plans for a new tier two transaction.

Glencore, the Swiss commodity trading company, got a lukewarm response from the euro bond market on Tuesday, as investors prepared their cash piles for a flurry of deals from rare and high beta names.

Snam, the Italian gas pipeline company, and SKF, the Swedish ball bearing maker, kicked the week’s corporate bond new issuance off in Europe on Monday with deals that offered razor-thin spreads from the start.

Rating: Baa1/A/A-

Unlike its last syndication in January, when Spain lost over €75bn of orders after an aggressive move in pricing, the sovereign took a more cautious approach on its return to the public market this week to print its biggest ever 50 year bond.

After taking an aggressive approach for its last syndication in January which resulted in a shocking loss of over €75bn of orders, Spain returned to a more moderate and conventional pricing process as it came to the market for a new 50 year bond on Tuesday.

Snam, the Italian gas pipeline company, and Swedish ball bearing maker SKF kicked the week’s corporate bond new issuance off in Europe on Monday, with deals that offered razor-thin spreads from the start.