Banks

The Netherlands' Sif Holding, which makes foundations for offshore platforms, has signed a €350m syndicated bank facility, adding green language to its loan documentation.

NordLB’s Luxembourg subsidiary extended its covered bond curve on Wednesday with an well received five year public sector backed deal. The bonds offered a very attractive spread for a deal from a core European jurisdiction, ensuring that demand from a diverse audience was quick to build.

Qatar International Islamic Bank sold its $500m five year sukuk on Tuesday, printing 25bp inside initial price guidance from an order book that reached $4bn in the first international sukuk deal from Qatar since May 2017.

Almarai, the largest dairy company in the Middle East, sold its $500m five year sukuk on Tuesday having drawn a huge $5.3bn of demand for the deal — the first from a Saudi investment grade private corporate issuer.

PlayTech, the UK-based gambling technology company, announced its second high yield bond issue on Tuesday afternoon, seeking to raise €350m to redeem an out-of-the-money convertible bond issued in 2014. During the roadshow, it confirmed a new contract with UK gaming group GVC, which helped it print tight in a market that was already supportive.

The Kangaroo bond market’s recent bounce kept pace this week as Asian Development Bank on Tuesday raised an additional A$100m ($71.6m) with a tap of an existing A$250m issue. Bankers are confident that more supply could follow.

Emirates Development Bank, an agency guaranteed by the United Arab Emirates, hit screens for its debut five year Reg S benchmark on Wednesday, with initial price thoughts that looked promising to bankers away from the deal.

Crédit Agricole put out price thoughts for a non-preferred senior bond in the Euroyen market on Wednesday, getting the ball rolling on its third public debt offering in the space of a week.

Turkish lender QNB Finansbank has mandated six banks to arrange a dollar 5.5 year Reg S/144A benchmark senior bond, the first senior bond from a Turkish bank since March.

Investors have moved on quickly from the first ever non-call decision on an additional tier one instrument this month, allowing banks to thrive in the new issue market. The feeling among some funds is that any fears about extension risk have simply been overdone.

Standard Chartered posted stronger numbers for financial markets products last quarter than its peers, with the investment bank also reducing credit impairment levels.

China’s Hefei Guoxuan High-Tech Power Energy is back in the offshore loan market, seeking a smaller deal with a juicier price after cancelling its debut international borrowing last year.