Rabobank

Kommunalbanken was almost twice covered for its 10 year euro trade on Thursday as it returned for its first benchmark in the currency since 2017.

BPCE and Banca Farmafactoring launched senior deals this week, with both issuers enjoying healthy receptions to their offerings. BPCE’s non-preferred mandate drew over €2.75bn of orders and the Italian issuer saw its preferred bond attract €850m at the spread level.

The postponement of Argenta Spaarbank’s non-preferred senior bond on Tuesday was a reminder that investors are not taking a shine to everything sent their way in the market. The large volume of trades this year has prompted investors to become “selective” about what they buy, analysts at Rabobank said.

Argenta Spaarbank and Sumitomo Mitsui Financial Group were both marketing senior bonds on Tuesday, making use of the favourable backdrop in the primary market. While Sumitomo was quick to build demand for its bond, Argenta struggled to gather enough demand volume to move the spread from price thoughts.

Allied Irish Banks was met with a strong response for an additional tier one (AT1) in the euro market on Wednesday, just a month after its national peer Bank of Ireland had to pull a subordinated bond amid fears about the impact of the UK’s departure from the EU.

The corporate bond market took its foot off the gas a little on Thursday, and Dutch gas distribution firm Netherlands Gasunie had the market to itself as it extended its curve by three years.

Commodities company Mercuria has returned for its annual outing to the syndicated loan market, and is seeking $1bn from a four-tranche borrowing.

Nederlandse Gasunie, the Dutch natural gas infrastructure company, is looking to print a fresh 12 year euro benchmark bond as early as Thursday, as it wraps up a tender offer for €1bn of older notes.

China National Chemical Corp (ChemChina) is seeking lenders’ consent to amend terms of a $5.5bn dual-tranche loan sealed last year, as it undergoes a debt restructuring, according to bankers.

Barclays has become the second financial institution to issue an additional tier one (AT1) in the sterling market this week, supported by a quiet backdrop in UK politics and healthy investor demand. The issuer was 7.5 times subscribed for its £1bn deal.

The Kerry Group, the Irish Baa2/BBB+ rated food and beverage company, became the first European investment grade company to issue bonds after the European Central Bank meeting on Thursday.

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