Commerzbank

Banque Fédérative du Crédit Mutuel (BFCM) kicked off FIG issuance in the last week before Easter, dropping into the euro market to print a new five year preferred deal.

Europe’s high grade corporate bond market was busy this week, as slightly improved market conditions prompted a diverse set of issuers to lock in funding before the end of the quarter.

Europe’s corporate bond investors got stuck into unrated debt on Thursday, as German airport operator Fraport and French care home company Orpea printed bonds.

The FIG market enjoyed its busiest week of the year so far but not all trades are working as investors shun tightly priced deals, particularly those at the long end.

Europe’s high grade primary bond market was pumping out deals with double figure new issue concessions this week, though German real estate company Vonovia’s debut green deal showed that ESG demand is still strong enough that borrowers don’t have to offer extra.

Vienna Insurance Group was unable to build momentum in its 15 year bond syndication on Thursday as long dated US treasury yields climbed higher. The insurer was joined in the primary market by Santander, which paid a premium to launch its first callable non-preferred issue.

Traton, the commercial vehicle making subsidiary of Volkswagen, had a storming debut in the bond markets on Wednesday, despite increasing choosiness among investors.

Vonovia, the German housing company, launched its first green bond on Wednesday, and investors were happy to buy it through the company’s conventional bond curve, even though its paper already trades more tightly than peers.

Europe’s high grade primary bond market was pumping out deals with double figure new issue concessions on Tuesday, though German real estate company Vonovia’s planned debut green deal will test whether ESG demand is still rampant enough that the borrower won't have to offer extra.

Europe’s high grade corporate bond issuance pipeline is starting to swell for the week, with syndicate bankers confident that there is plenty of demand despite order books shrinking in the last week.

Former Commerzbank CEO Martin Blessing has unveiled plans for a new special purpose acquisition company focused on financial technology in Europe, becoming the latest European banking executive to launch a Spac.

A flurry of Swiss franc issuance dusted the market this week, as domestic and foreign borrowers entered a more settled market.