Banks

The Inter-American Development Bank rattled through the sterling bond market on Monday, raising £500m in a market demanding nimble issuance strategies.

The Spanish region of Navarre has printed its debut sustainable bond. Navarre is the third Spanish autonomous community, behind Madrid and the Basque Country, to issue a sustainable bond.

Drax Group, the UK electricity generator, has launched a $200m tap of its 6.625% 2025 notes, to pay for part of its purchase of Iberdrola’s Scottish power assets earlier this year.

Denmark’s Bunker Holding has signed a multi tranche revolving credit facility totaling $1bn, as the shipping fuel and lubrication oils company prepares for a “paradigm shift” headed for its industry.

Spain’s Merlin Properties has signed a €1.55bn sustainability linked loan, with the real estate company becoming the latest in a long line of names to add green and social elements to their bank funding.

Banks working on the IPO of Arabian Centres Company (ACC), possibly the largest Saudi Arabian flotation since 2014, have set a price range on the deal.

The Asian Infrastructure Investment Bank has hired a new treasurer to replace Søren Elbech, who left at the start of the year.

Rabobank sold a 12 year non-preferred senior bond in euros on Monday, the longest dated offering that any bank has tried in a senior format so far this year.

Banca IMI, the investment bank of Italian financial services group Intesa Sanpaolo, has become the latest European firm to offer client clearing through CDSClear, the Paris-based LCH clearing house.

LBBW did not have to pay a premium to launch a tier two in 10 year bullet format on Monday. A banker on the deal said that other issuers could follow suit, eschewing call options to take advantage of a renewed thirst for duration among investors.

Canadian Imperial Bank of Commerce (CIBC) opened books on its first bail-inable senior bond in euros on Monday, with four out of Canada’s big six banks having targeted the currency at the end of April.

Philippine oil company Petron has received a strong response for its return to the offshore loan market, increasing the size of its deal to $800m.