Crédit Agricole
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US-based energy trading firm Castleton Commodities International has signed $2.775bn of loan facilities, with European banks making up a large part of the group. -
With emerging markets loan volumes half of what they were by this time last year, syndicate staff are facing job cuts and increased pressure to find ways to compete for what scraps of business there are. The battlegrounds will be pricing and covenants.
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A renewed appetite for risk was felt in Europe's corporate bond market this week, after US president Donald Trump appeared to have made overtures to the leaders of China and North Korea. Two issuers took advantage: Merck of Germany, with an acquisition financing, and ArcelorMittal, with a modest tap.
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Three public sector borrowers announced plans for new issues on Monday as issuers took advantage of a shift in sentiment following the G20 summit at the weekend.
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First Abu Dhabi Bank printed $900m of senior floating rate notes on Thursday, using the format for the second time this year. Although interest rates are expected to fall this year, investors seemed happy to commit funds to the product.
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First Abu Dhabi Bank has courted Taiwanese investors yet again, this time raising $900m from a Formosa bond.
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South Korea’s Kookmin Bank has sold its maiden dollar-denominated Basel III compliant additional tier one bond, opting for a sustainability label to entice investors.
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Chile may be an expensive buy for many EM investors, but the country’s status as the top-rated Latin American sovereign is making it attractive for environmental, social and governance-focused investors, said debt capital markets bankers, after the government sold its second green bond in two weeks.
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Investors poured into Agence Francaise de Developpement (AFD)’s 10 year euro benchmark on Tuesday, allowing the French agency to issue its largest ever trade in the currency.
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Rentenbank failed to achieve subscription for its €500m 10 year trade on Tuesday, despite offering a positive yield and a maturity that has been labelled the ‘sweet spot’ in the euro public sector bond market.
