Crédit Agricole
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Enel, the Italian electricity and gas company, held investor calls today for its first trial of its new sustainability-linked bond structure in euros, likely to be launched tomorrow. The deal has a more complex structure than the $1.5bn bond with which Enel introduced this technique to the bond market for the first time in early September, in that it contains tranches with different triggers. -
The Export-Import Bank of China (Chexim) came to the bond market in two currencies on Tuesday to raise $1.068bn, pricing the euro tranche at an impressive zero coupon.
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Greece and the Province of Québec won strong books in the euro public sector bond market on Tuesday, with the latter returning to the currency for the first time since June 2018. An attractive basis swap for dollar funders to issue in euros has tempted the International Development Association (IDA) out on screens for its first euro benchmark.
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CK Hutchison, the Hong Kong conglomerate, took more than €10bn of orders on Tuesday for a six-tranche bond in euros and sterling as it opted not to squeeze the pricing as much as other recent deals.
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South Korea's Shinhan Bank has taken its first step into the euro bond market, raising €500m of green funding on the back of €650m of demand.
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Alpha Trains, the rolling stock leasing firm headquartered in Luxembourg, has sold €200m of US private placements.
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Ark Data Centres has signed a £450m loan, with the UK technology data centre company breaking a long term trend in Europe’s loan market to more than double its lending syndicate.
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Europe's high grade corporate bond new issue market has opened the week smartly, with almost €2bn of debt raised, as borrowers nip into the market before earnings blackouts interrupt new issuance.
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The torrent of ESG supply shows no sign of slowing. Inter-American Development Bank’s debut sustainable development bond is set to come to market on Tuesday in sterling, alongside a sustainability bond from Bank Nederlandse Gemeenten.
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Russian potash producer Uralkali is going on the road for five year dollar paper, returning to the international market for the first time in six years.
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The European Investment Bank won a huge reception from investors for its debut €STR-linked floating rate note (FRN) this week, ignoring concerns about a lack of demand amid negative rates in the euro market. While there is a lack of clarity about calculating €STR bonds’ fair value and on Euribor’s future, public sector borrowers are expected to embrace the risk-free euro rate.
