Intesa Sanpaolo

Ukrainian steel and mining company Metinvest was one of several emerging markets issuers to tap bond markets this week. The deal was several times oversubscribed, confirming that investors are still on the hunt for yield and are willing to look to single B rated emerging market credits for that.

Banks and insurance companies were falling over one another to issue green bonds this week, with deal arrangers seeing ESG labels as near infallible ways of bringing pricing through fair value, write Tyler Davies and David Freitas.

Falck Renewables, the Italian renewable energy company, has issued a €200m green convertible bond, joining the swathe of companies that have moved into the asset class recently.

Commerzbank and Unipol Group ‘ticked all the boxes’ with their new green senior transactions on Wednesday, amassing large orders from investors.

Geox, the Italian shoe company, has signed a €90m export credit agency backed loan, days after the company announced a business restructuring of its North American operations.

Munich Re and Unipol Group are lining up new green bond transactions for this week, as they look to replicate the success of similar deals and gain a ‘pricing advantage’ in the market.

Issuance in Europe’s high grade corporate market trended towards high beta names this week, with a spate of deals from riskier names, including the first outing for German fallen angel ZF Freidrichshafen since its downgrade.

Banco BPM struggled to build much of an order book behind a new tier two bond this week, with bankers arguing that investors have become more selective with their exposures to southern European names.

Rating: Baa3/BBB/BBB-

Italian lender Credito Emiliano opened books on a new €200m tier two on Wednesday, as it looked to improve its financial position in a strong market for subordinated debt.

Commerzbank did not pay a premium to launch its new additional tier one (AT1) this week, as it found strong demand at the long end of the curve. The bank was returning to the market just three months after its last deal in the format.

Banco BPM opened books for a new tier two on Monday, as it looked to take advantage of supply and demand dynamics in a quieter September than usual.