Banks

The International Development Association (IDA) priced its debut euro benchmark around 5bp wider than its sister issuer, the World Bank, according to the leads.

Enel, the Italian electricity and gas company, held investor calls today for its first trial of its new sustainability-linked bond structure in euros, likely to be launched tomorrow. The deal has a more complex structure than the $1.5bn bond with which Enel introduced this technique to the bond market for the first time in early September, in that it contains tranches with different triggers.

The European Financial Stability Facility (EFSF) is preparing its first benchmark of the fourth quarter and Ireland has picked the banks to lead the first tap of its sovereign green bond.

Industrial and Commercial Bank of China (ICBC) has appointed a new head of global loan syndication, a veteran loans banker from Banca IMI.

A climate and sustainable finance expert is set to leave SEB to return to the world of development finance.

Nexi, the Italian payments company, is marketing a dual-tranche refinancing bond, its first issue since it floated on the Milan Stock Exchange in April. With Advent, Bain Capital and Clessidra now mid-way through realising their investments, the company is changing its approach to the debt markets, switching to unsecured bonds and giving up callability.

The SSA market is on fire this week, with a series of large deals from borrowers all across the SSA spectrum, with green sterling deals enjoying a particularly hot streak.

Raiffeisenlandesbank Niederösterreich-Wien (RLB Noe Wien) found the euro primary market to be quiet but bullish this week, allowing it to launch a new senior unsecured bond at what lead managers saw as a fair pricing level.

Inspired, the US gambling company, has completed its €104.6m debt-funded acquisition of Novomatic UK’s Gaming Technology Group, drawing down on term loans to finance the deal.

Moody’s said on Wednesday that investors’ approval of Lloyds Bank’s request to convert the interest basis on a covered bond from Libor to Sonia was credit positive for the issuer and bodes well for the rest of covered bond and structured finance markets, which must transition to Sonia before 2022.

Banca Farmafactoring, an Italian financial institution with a specialism in factoring services, is preparing its first rated offering of debt in the capital markets after spying an opportunity to take advantage of ‘favourable’ conditions for issuance.

Dar Al-Arkan, a real estate development company headquartered in Saudi Arabia, is in the market for a five year sukuk benchmark.