Crédit Agricole
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A pair of supranational issuers are this week bringing new currencies to their green funding offerings. -
The State of North Rhine-Westphalia is set to bring its longest ever euro benchmark, as public sector borrowers line up trades across the currency’s curve.
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Two borrowers, Marlink and Iris Software, offered a string of new medium sized leveraged loans this week, following the recent launch of some highly anticipated jumbo deals that sources say have helped renew investor interest in the European market.
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France plans to forge ahead with tapping its debut Green OAT rather than introducing new SRI lines, despite some investors calling for a shorter dated alternative. Craig McGlashan and Lewis McLellan report.
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British oil and gas company BP returned to the European corporate bond markets on Thursday for the first time in a year. Two euro tranches came 12 months after the company’s last euro offering, and a sterling tranche was its first in its domestic currency since August 2016.
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Korea National Oil Corp (KNOC) has sold its first dollar bond of the year, opting for a Formosa transaction in Taiwan.
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Crédit Agricole has sold a Samurai bond to retail buyers, marking the first time it has participated in that market. It is in the tier two format, despite European regulators’ concern that non-institutional investors holding bank capital could prevent the effective resolution of institutions.
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A green bond and a conventional bond both hit the euro market on Wednesday. While neither aimed for size, the pricing action showed much hotter demand for the green offering.
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Spain’s Masmovil has completed a second round of refinancing on its bank loans, shaving a further 100bp off the cost of its total debt pile and ramping up the size to €831m.
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The European leveraged loan market is starting to look a lot like it did in May, with a table full of multi-billion deals and bankers concerned about how much this spike in issuance could play into investors’ hands.
