Société Générale

Serbia and Croatia issued euro-denominated bonds this week. Market participants said the deals showed there was strong appetite for the right kind of sovereign credits.

BNP Paribas returned to the Swiss franc market to land a new senior non-preferred issue slightly inside its euro curve this week. In recent weeks, several foreign borrowers have tapped the market and, with tightening levels looking attractive, bankers are confident more could follow.

Croatia was set to price a bond in euros on Thursday, following two other EM sovereign issuances in the currency this week.

Bureau Veritas, the French laboratory testing company, has amended its €600m bank line to include ESG elements, as the company is on course to breeze through its relaxed covenant restrictions at the next evaluation.

Glencore, the Swiss commodity trading company, got a lukewarm response from the euro bond market on Tuesday, as investors prepared their cash piles for a flurry of deals from rare and high beta names.

EnBW, the German electrical utility, and the financing arm of a Dutch truck company, DAF Paccar Financial, hit screens with highly rated euro trades on Monday. Central bank bond buying higher than forecast, pushed investors to oversubscribe the deals even though the spreads on offer were thin.

GardaWorld, the Canadian security firm, has pulled out of its hostile bid for G4S, leaving the way clear for US rival Allied Universal.

Rating: Baa1/BBB/BBB-

Europe’s high grade bond investors showed they are still willing to swallow ultra-thin spreads this week, when Dutch leasing company LeasePlan priced a green bond well inside fair value and Deutsche Boerse won ample demand for a thinly priced €1bn deal.

Intesa Sanpaolo launched a long awaited debut senior non-preferred deal on Wednesday. After having announced a large non-preferred funding programme last year, the bank has reduced its funding needs thanks to regulatory changes.

UBS and Santander Consumer Finance found a combined €8.15bn of demand across the senior curve on Monday, printing deals between five and twelve years in tenor. With market conditions good, bankers expect more deals to follow.

Europe’s high grade bond investors showed they are still willing to swallow ultra-thin spreads on Monday, when Dutch leasing company LeasePlan priced a green bond well inside fair value and Deutsche Boerse won ample demand for a thinly priced €1bn deal.