Banks

Tendam, a fashion retailer, is the latest Spanish company to get syndicated loan backing from state-owned Instituto de Crédito Oficial (ICO), as sectors hit hardest by the coronavirus pandemic lean on state support.

There was bumper demand for Iceland’s euro deal on Wednesday that saw nearly 200 investors pour into a deal that exceeded expectations to tighten by 30bp.

A shift in the Swiss franc-dollar basis swap has been enough to deter , foreign issuers from the Swiss bond market this week, leaving it to a Swiss biomedical market regular and a Liechtenstein-based power tool manufacturer.

Société Générale SFH has issued a second Obligations de Financement de l’Habitat (OFH) deal as a security token using a protocol that can be fully integrated with other blockchains and, for the first time, was settled using the Banque de France’s newly developed digital currency and structured with industry-aligned smart contracts.

The Belgian region of Wallonne took advantage of the growing demand in the long end of the curve to sell its first social bond on Thursday, although it had to pay a chunky new issue premium to do so. Elsewhere, Bpifrance received plenty of demand to print €1.25bn with a 10 year trade.

Marshall Bailey will be the next chair of the board of MUFG’s securities arm for Europe, the Middle East and Africa.

BASF and Pearson brought green and social bonds on Thursday, as sustainability-linked issuance continues to pull Europe’s high grade corporate market out of the darkest days of the coronavirus pandemic’s panic funding phase.

Payments start-up RTGS.global has hired Jim Cowles, former chief executive of Europe, the Middle East and Africa at Citi, to be an executive director of the board.

Shares in IWG, the London-listed operator of serviced offices and co-working spaces, rose by 15% on Thursday after the company successfully tapped investors for £315m to fund growth once the Covid-19 global pandemic subsides.

Rating: A3/A/A-

Bank of Nova Scotia was looking to test investors’ appetite for one of first additional tier one transactions of the coronavirus pandemic on Thursday, helping to set a reference point for pricing in the asset class.

Insurance company Phoenix Group Holdings launched a tier two in the dollar market on Thursday in a refinancing exercise, making use of favourable conditions across the board with a "well received" trade. But the issuance raised some concerns regarding the company’s plans to deleverage after its acquisition of ReAssure.