Banks

GLP, a Singapore-headquartered logistics facilities operator, has raised a $658m sustainability-linked loan.

Agrochemicals company UPL Corp is set to be the first Indian company to raise a sustainability-linked loan (SLL) amid growing appetite for the product in Asia. The $500m deal will offer banks in the region a rare opportunity to participate in a syndicated deal from the asset class. Pan Yue reports.

HSBC has shifted responsibility for its regional businesses and given chief financial officer Ewen Stevenson a broader remit, ahead of updating investors with results on Tuesday and amid its overhaul of operations.

EnBW, the German electrical utility, and the financing arm of a Dutch truck company, DAF Paccar Financial, hit screens with highly rated euro trades on Monday. Central bank bond buying higher than forecast, pushed investors to oversubscribe the deals even though the spreads on offer were thin.

US high grade corporate names hit the European market at the outset this week with WP Carey and General Motors selling bonds and Equinix mandating for a green deal. But syndicate bankers say rising US rates are still some way off the sweet spot to make the euro market irresistible for all Reverse Yankee issuers.

HSBC has reorganised the management of its public sector debt capital markets business following the departure of Frédéric Gabizon at the end of March after a 35 year stint at the bank.

Bank Nederlandse Gemeenten hit the market for a sterling trade on Monday, securing its cross-currency swap hedge in advance to minimise volatility.

Fix Price, the Russian discount retailer, has confirmed its intention to float in London and Moscow, paving the way for a $1bn-plus IPO.

Infrequent Nowegian borrower SpareBank 1 Østlandet is set to print its first green bond as it looks to extend its benchmark senior curve out to 2028.

EP Infrastructure, the Czech Republic-headquartered energy infrastructure group has mandated banks to syndicate a bond in euros. Though much of supply from the CEE region last year came from sovereigns, market participants believe now is a good time for corporates to issue in debt markets.

BPCE found plenty of demand for a long-dated senior deal in euros on Monday, even as secondary spreads drifted wider.

Shares in Lakestar Spac I, a new special purpose acquisition company backed by German venture capitalist Klaus Hommels, have surged by more than 11% in the aftermarket after they began trading on the Frankfurt Stock Exchange on Monday.