Citi

Shinhan Card Co ended a long hiatus from the dollar bond market on Tuesday as it joined a number of other South Korean borrowers which have turned to the debt market to raise Covid-19 relief funds.

Enel, the Italian energy company, proved that there is sterling demand for sustainability-linked bonds on Tuesday, with the borrower repeating its achievement in dollars and euros by creating the market in the currency.

JSW Steel sold a $500m bond on Monday, but the issuer paid some 30bp of premium to close the trade.

Three high yield Chinese property issuers turned to the offshore bond market on Monday, raising $950m between them.

Enel, the Italian power and gas company, is set to push the nascent sustainability-linked bond market to a new currency this week after the company mandated for the first deal in the format in sterling.

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.

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.

Kasikornbank Public Co rolled out its first Basel III-compliant additional tier one subordinated dollar transaction on Thursday. The Thai borrower bagged $500m on the back of an orderbook that reached $2.5bn at its peak.

Rating: B2/—/BB-

Europe’s high grade corporate market was red hot this week with bulging order books and negative concessions, as concerns about scant primary supply to come washed away investor jitters about a collapsed $2.2tr fiscal stimulus deal in the US.

Europe’s investment grade corporate bond market saw trades from the Covid-19 rocked real estate sector on Thursday, with Immofinanz and Heimstaden Bostad attracting less demand than recent similarly rated trades.

Unédic returned for another social benchmark on Thursday, adding to the slew of successful French agency SRI-themed paper.