SEB

The SRI bond pipeline for public sector borrowers looks fit to burst, with a string of issuers planning deals and KfW setting a marker with a thumping trade this week.

The victory of Emmanuel Macron in France's presidential election opens wide the window between now and the UK general election for IPOs to be done. The block trades market is also strong, with several large deals completed so far this week.

Norican, the Danish metal parts enhancement firm, priced a €340m six year senior secured bond to finance an acquisition on Friday.

Volvofinans Bank is preparing to issue Europe’s second green bond from the automotive sector. While the deal is already attracting interest from investors, its use to finance hybrid and electric cars may not tick the green box for all investors.

Medicover, the Swedish diagnostic services provider, on Tuesday joined the growing number of European companies seeking to go public before the summer, announcing its intention to float on Nasdaq Stockholm.

French building services outsourcer Atalian printed a €625m seven year bond on Wednesday, bringing total high yield issuance for the week to over €2.6bn.

The palette of socially responsible investment bonds is expanding. Two borrowers made SRI debuts this week with a social inclusion bond and a sustainability bond, while a third has announced its intention to follow suit.

KommuneKredit is set to hit the road for its debut green bond, after mandating banks on Thursday.

Nets, the largest Scandinavian payments processor, priced its first euro bond on Thursday amid keen demand for top rated high yield paper that is leading to low coupons.

European bank issuers of additional tier one (AT1) have been abandoning the euro market in favour of dollars. But some have had to start embracing equity conversion structures to join in because it is one of the few ways to account for AT1s as debt and avoid a mark-to-market swap.

Danske Bank will sell its first ever additional tier one with an equity conversion trigger this week, as it looks to target the dollar market for bonds it can still account for as debt.

The European Investment Bank has tapped its longest green line, adding €500m to the November 2037 Climate Awareness Bond.