Société Générale

Trafigura, one of the world’s largest commodity traders, has completed its European bank facility refinancing to add sustainability-linked targets to its debt, a month after the company made its debut in the Schuldshein market.

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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.

Fnac Darty, the French electronics retailer, has amended and extended its main bank credit lines, shortly after issuing its debut convertible bond as an independent company.

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.

African Development Bank hit the market with a five year benchmark on Tuesday — the first sizable deal at the tenor since early February. The deal set records for an AfDB five year, the largest ever size, the largest order book and pricing with its tightest spread to mid-swaps.

Commodity trader Trafigura has launched US private placements, according to market sources, its second entrance to the market in less than 12 months.

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.