BNP Paribas
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Ireland's Electricity Supply Board has become the first utility in the country to sign a sustainability-linked loan. Bankers say there is still a lot of untapped potential in Europe's high grade sustainable lending market. -
The only high yield bond deal being actively marketed in euros this week has been postponed. The deal was for Fugro, the Dutch company that provides geographical data and asset integrity services to onshore and offshore industries. It was a debut issue for a listed company with no sponsor involved, so there had been good interest, but market conditions just proved too difficult.
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Zhejiang Geely Holding Group Co netted $400m from its bond sale on Thursday, as the market battled falling sentiment.
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China Three Gorges Corp, the Chinese state-owned power company, has successfully offloaded €292m of stock in Portuguese energy firm Energias de Portugal, despite four straight days of heavy losses in European equity markets, due to the spread of the Covid-19 coronavirus across the continent.
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Unédic was almost three times covered for a 10 year bond on Thursday, with the leads pointing to the relative value of the trade and the quality of name as the factors behind its success against a difficult market backdrop.
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Hamburg Commercial Bank will no longer visit Milan on the roadshow for its new tier two bond, with parts of northern Italy having been locked down to contain the spread of Covid-19. But issuers and investors are still managing to get on with their business amid the mounting chaos.
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Denmark's Maersk has signed a $5bn sustainability-linked revolving credit facility, as Moody's warns that the shipping company is at particular risk in its sector from fallout of the Covid-19 coronavirus
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Conditions are changing so fast with the coronavirus epidemic that each day could bring a change in sentiment, but for the time being leveraged finance is staying calm and continuing to function. There is more activity in this high risk corner of Europe’s capital markets than in any other, apart from sovereign, supranational and agency bonds.
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Spain was able to raise €5bn of 30 year paper on Tuesday, braving difficult market conditions to close the deal. While the trade was a success, the sharp fall in the order book at the final spread indicated some investors are beginning to push back on price.
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H Lundbeck, the Danish pharmaceutical company, has mandated banks for a five year debut euro benchmark from its new bond programme, after gaining US regulatory approval for a new migraine treatment.
