Bank of America

Ineos, the UK chemical company registered in Switzerland, is allocating €2bn of leveraged loans after an amend-and-extend exercise that led to a refinancing of some of its dollar debt.

The dollar market has been a haven for public sector borrowers during a tumultuous time for euros, but the possibility US Federal Reserve rate hikes is causing concern that that market could shut too.

Dell, the US personal computer maker, has closed books on a loan repricing and will increase the deal, although investors put the brakes on a full repricing.

Woori Bank this week became the first non-Chinese bank to print an additional tier one (AT1) bond in Asia ex-Japan. The Korean lender was able to achieve the lowest coupon globally for an AT1 deal but sparked criticism that it was too aggressive with pricing and risked shutting the bank capital pipeline from the country, writes Narae Kim.

Allocations for a loan by KKR-owned MMI International have reignited a debate between investment banks and commercial banks about final holdings. Investment bankers argue that arrangers should be concerned about the quality of the credit, rather than what each bank in the top group holds, writes Shruti Chaturvedi.

Bharti Airtel showed that scoring a huge order book is not necessary for a deal to be deemed a success. Its $1bn trade attracted just double that in bids, but Bharti still managed to achieve its tightest ever spread, with the bonds also trading well in the aftermarket.

China Merchants Land has scooped $290m through a convertible bond priced in its favour, as the presence of a standby letter of credit gave comfort to investors. But the extent to which the CBs traded up following the deal suggested that the issuer could have got away with more aggressive terms.

European Investment Bank tapped a 2021 sterling floating rate note for £250m on Wednesday. Some sterling buyers are moving from the short end to the belly of the curve in search of yield, said SSA bankers.

Ineos, the UK chemical company registered in Switzerland, is allocating €2bn of leveraged loans after an amend-and-extend exercise that led to refinancing some dollar debt.

Santander UK’s debut additional tier one (AT1) impressed on Wednesday, drawing £5bn of demand and lending confidence to a string of issuers looking to print before the summer amid tricky conditions.

Argentine government-linked issuers are eking out some level of market access despite the sovereign being in default, with the Province of Buenos Aires the latest to tap international bond investors.

China Merchants Land has scooped $290m through a convertible bond priced well in its favour, as the presence of a standby letter of credit gave comfort to investors who viewed the notes as a safe bet. But the extent to which the CBs traded up following the deal seems to suggest that the issuer could have got away with more aggressive terms.