EUROBONDS: Deutsche Bahn, UniCredit, Sweden, ICO, EIB

   By Ben Edwards 
 

The European primary bond market saw another steady stream of deals Monday as credit spreads remained relatively stable despite the ongoing uncertainty in the euro zone.

Here is a rundown of how the credit default swap market stands and the major benchmark-size bonds being sold Monday.

CDS:

iTraxx Europe index: Unchanged at 121/122 bps

iTraxx Crossover index: 1 bp tighter at 493/496 bps

NEW ISSUES:

German highway operator Deutsche Bahn AG is planning a five-year sterling bond. Initial price guidance was in the area of 75 basis points over the reference gilt.

Italian lender UniCredit SpA (UCG.MI) is seeking to price its 10-year lower Tier 2 euro bond in the area of 530 basis points over midswaps.

The European Investment Bank is planning a 10-year sterling bond. Initial guidance was in the low 80-basis-point area over gilts.

Spain's state-owned business support group Instituto de Credito Oficial, or ICO, is planning a five-year euro deal. Guidance is in the area of 65 basis points over the reference Spanish government bond.

Sweden is planning a three-year dollar bond.

COMING UP:

Brazilian iron-ore pellet supplier Samarco SA, a joint venture between Vale SA (VALE) and BHP Billiton PLC (BBL), is planning to meet investors in Europe and the U.S. ahead of a possible bond sale. The meetings are scheduled to commence Oct. 24 in Los Angeles and London before concluding the following day in New York and Boston.

Russian lender Promsvyazbank (PSBR.RS) is planning to meet with investors in Europe and Asia about a potential lower Tier 2 subordinated bond. The meetings are scheduled to commence in London Oct. 23 and 24 before moving to Switzerland and Singapore Oct. 25 and concluding in Hong Kong Oct. 26.

Write to Ben Edwards at [e-mail]