Banks

A spate of UK borrowers have signed loans that use Sonia as the benchmark rate from day one this week, with the consistently tricky transition given some cheer after companies said that the process is fairly simple.

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Two SSA borrowers sold dollar paper on Thursday. Council of Europe Development Bank achieving the tightest spread to mid-swaps from a public sector borrower this year, breaking a record equalled earlier this week by Asian Development Bank. At the other end of the curve, Inter-American Development Bank made its debut at the 10 year maturity with a deal linked to the Secured Overnight Financing Rate (Sofr).

The sterling market has started June in the same way it finished May: busy. But investors are clearly stating a preference for yield, with demand for tier twos far outstripping the interest in senior unsecured deals.

Russian gold miner Nord Gold said on Thursday that it wants to launch an IPO on the London Stock Exchange, following a rally in the price of gold since March.

Deutsche Bank has told staff in New York that they should prepare to be back in the office by Labor Day (September 6), as the firm works on plans to allow more remote working for some in the future.

KfW sold its first Sonia floating rate note on Wednesday, with the deal pricing at the tightest ever spread for the product in syndicated format.

Barclays found strong demand at competitive pricing levels in the yen market this week, eschewing the Samurai format in favour of issuing with a swifter Euroyen process.

Grosvenor Group, the UK property company, has signed a £1.1bn-equivalent sustainability linked revolving credit facility, while taking the unusual step of not formulating complete key performance indicators before signing.

Indofood CBP Sukses Makmur made its dollar debut this week with a dual tranche $1.75bn bond. The Indonesian noodle maker overcame investor scepticism about its fundraising strategy by selling long-dated notes that saw a strong reception from the market. Morgan Davis reports.

Indian company Tata Motors' subsidiary TML Holdings has printed its largest dollar bond so far, raising $425m at a low yield.

Crédit Agricole has named Ravi Nichani as head of acquisition finance and advisory for Asia Pacific, and leveraged and telecom finance group for Asia, effective in August.