Banks

Spain’s Air Europa Lineas Aereas has signed a Covid-19 related crisis loan, becoming the third airline from the country in the last month to get support in the syndicated loan market from the state owned Instituto de Crédito Oficial.

Unlike many banks, NordLB had been actively reducing its balance sheet well before the coronavirus crisis hit, so its need for funding is more modest than most. Though it seems likely Pfandbrief issuance will eventually return, German borrowers are hesitant to come to market, especially when there is cheap, plentiful central bank funding available. And, while Pfandbrief investors are well protected, it seems likely that a slow recovery in the commercial real estate market and a more questionable outlook for SME lending, will take its toll on lenders’ business models.

Royal Bank of Scotland Group took advantage of the strong appetite for senior debt in dollars this week, issuing $1.6bn of funding across two tranches. The deal, which included the first dollar issuance of green UK bank paper, offered no premium to investors.

The Emirate of Abu Dhabi took full advantage of a ready and willing investor base on Tuesday looking for high quality emerging markets to buy in the coronavirus pandemic, driving down pricing on a triple tranche tap to levels that leads saw as 5bp inside the issuer's own curve.

ABN Amro has ended a three week hiatus in the euro non-preferred senior market, launching a new deal on the back of a strong rally for bank credit spreads.

SM Trust has offloaded €521m of stock in Just Eat Takeaway.com, the online food delivery company, following a rally during the Covid-19 pandemic as more customers order meals to their houses.

Turkey’s Garanti Bank has raised a $592.4m-equivalent ESG-linked syndicated loan — the first of its kind signed by a bank. The deal, despite being launched at the beginning of the coronavirus crisis, went successfully, according to bankers, following a string of refinancings by other Turkish banks.

The recent maturity of a large Nokkie line released NOK9bn ($904.5m) into the market last week, with some foreign investors eager to reinvest in attractive short end paper.

China’s Hope Education Group is making its debut in the offshore loan market for a $200m borrowing.

Taiwanese electronic components manufacturer Yageo Corp bagged $180m on Tuesday after boosting the size of a five year zero-coupon convertible bond, according to a source familiar with the matter.

Property company HongKong Land made a rare appearance in the dollar bond market on Tuesday, ending a six year hiatus with a $600m trade.

Chinese property borrowers are back in the bond market, following the success of Zhenro Properties Groups’ $200m deal last week. But Tuesday’s issuers — Country Garden Holdings Co and Redco Properties Group — saw two different outcomes, as they grappled with an illiquid secondary market and difficult pricing levels.