Commerzbank
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Ghana Coco Board (Cocobod) has closed the senior syndication of its $1.3bn one year annual pre-export finance facility, with a bank meeting due to be held on Monday, June 25. -
French toll road operator Autouroutes du Sud de la France kept up the positive tone in the IG corporate bond market with a 10 year deal on Thursday, which it was able to increase in size and price with a single digit new issue premium.
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Nigeria’s Access Bank has completed syndication of its one year loan. Lender demand pushed up the final amount raised by 58% to $158m.
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Coface Poland Factoring has signed a €300m-equivalent syndicated loan to partly replace bilateral credit lines, stretching out the average debt maturity for the Polish subsidiary of the French trade insurance company.
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It is a mark of how far the market has come from a barren week at the end of May that not just one, but three deals, totalling €2.75bn, were priced on Friday. The European Central Bank meeting and the expectation of a deal from German pharmaceuticals company Bayer played their part in the issuers’ decisions on timing and the order books justified those choices.
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The week began with that rarest of things in recent times, a welcoming political backdrop. It was marred, however, by monetary policy meetings from the two most important central banks in the world. While the US Federal Reserve’s second rate hike of the year was a foregone conclusion, it caused the dollar curve to flatten still further, making the euro market even more fertile funding territory than it has been for SSAs. But even so, euros had its own struggles this week, facing what one head of SSA syndicate called “one of the most important and unpredictable European Central Bank meetings for a long time”. Lewis McLellan reports.
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Bank of China’s Luxembourg branch has signed a $1.05bn syndicated loan after launching the deal at half that amount in the latest display of lenders scrambling to allocate funds.
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Industrial Bank of Korea mandated banks for a social bond issuance on Tuesday, viewing the product as a natural fit for the first transaction from its socially responsible bond framework. Meanwhile, ICBC Asia is looking to sell a new green deal.
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SSA borrowers are streaming into the euro market, flooding the early part of the week with deals in an effort to secure funding before a slew of central bank meetings towards the end of the week.
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Quantitative easing, perhaps the single most important factor affecting bond prices over the past three years, could be coming to a long awaited end this year. Members of the European Central Bank governing council seemed to hint as much this week, causing govvie spreads to gap wider, writes Lewis McLellan.
