Banks

Aveva, the UK software company, has completed another round of loan financing linked to its $5bn purchase of US industrial software company OSIsoft, with the acquisitive firm taking a sterling revolver but scrapping a planned $900m loan.

Chinese property managers Shimao Services Holdings and KWG Living Group Holdings have kicked off pre-deal investor education for a pair of Hong Kong listings.

Sharjah Electricity & Water Authority (SEWA), a state-owned firm in the United Arab Emirates, is making a rare appearance in the Asian syndicated loan market with a $250m borrowing.

Singapore’s United Overseas Bank issued a A$500m ($362.2m) bond in Australia on Friday, as a lack of financial paper in the market drove investor demand.

In this round-up, China wants to improve the quality of domestic listed firms to cut down financial crime, Shenzhen opens the door for increased foreign inflows for the next five years, and Standard Chartered applies to the securities regulator to set up a securities firm onshore.

European Bank for Reconstruction and Development — EBRD

The Asian Infrastructure Investment Bank announced on Friday that it will come to market for a sterling sustainable development bond.

Tesco, the UK grocer, has refinanced its sterling facility with a £2.5bn sustainability-linked deal that uses risk-free rates as a benchmark, as companies try to get to grips with the end of Libor.

Standard Chartered this week became the first bank to launch a Sofr-linked deal in the 144A/Reg S dollar market, as it looked to introduce the Libor replacement rate to a more global audience.

Banque Fédérative du Crédit Mutuel made its annual visit to the Samurai bond market this week, raising ¥63.6bn ($600m) across three tranches in a senior preferred format.

Munich Airport has launched a Schuldschein with an initial target of €200m, the first airport to enter the market since a flurry of deals in March as the coronavirus pandemic hit Europe.

Veolia, the French utility, has been successful with its sweetened €3.4bn offer for a 29.9% stake in compatriot water company Suez, opening the door to a full merger as the acquisitive company uses bridge loans and potentially an equity raise as part of the transaction.