Banks

Commodities trading company Glencore Agriculture is making its loan debut in Asia, seeking $300m from the syndication market as a way to establish itself in the region and show its independence from its parent. The thin pricing on offer means only banks keen to build a relationship with the company in the hope of getting ancillary business will jump in, writes Pan Yue.

The London Borough of Sutton hit the market on Monday for £100m, opting to print the deal via European Primary Placement Facility (eppf), a digital bond issuance platform based in Luxembourg.

Fresh lockdown restrictions added to a sense of anxiety in Europe at the start of the week, with credit markets already on tenterhooks ahead of the US presidential election.

Lloyds Bank has amended the terms of its consent solicitation for two of its additional tier one (AT1) notes, after failing to reach a quorum at its first bondholder meeting. It now plans to use a different spread methodology to calculate the switch over from Libor to Sonia.

Chinese developer Sunkwan Properties has kicked off its IPO roadshow. It is aiming to raise up to HK$1.25bn ($161.2m).

Rising coronavirus cases and circling uncertainty around the upcoming US election is driving the Swedish krona market towards higher rated, domestic names.

Santander began phasing Libor out of two of its outstanding additional tier (AT1) one notes this week, having appointed NatWest Markets to lead the process to restructure the bonds to reference Sonia.

ING has appointed Uday Sareen as head of wholesale banking for Europe, the Middle East and Africa.

Ile-de-France Mobilités is coming to market for a 15 year euro benchmark, set to become one of several French borrowers expected before the end of the year.

Enav, the Italian air navigation company, has signed €150m of sustainability-linked loans, as a rise in coronavirus cases globally has heaped even more pressure on the airline industry’s outlook for next year.

Shares in Spanish solar equipment maker Soltec Power have surged in the aftermarket despite the immense market volatility this week sparked by a surge in coronavirus cases across the European continent, amid huge investor interest in the renewable energy space.

Naveed Sultan will develop and lead a new digital policy, strategy and advisory practice for governments, corporates and financial institutions at Citi, and has been appointed chairman in the bank's institutional clients group (ICG).