Crédit Agricole
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France sold its first syndicated tap on Tuesday, adding €4bn to its GrOAT line. The sovereign will be followed in the green market by a Danish agency's sophomore offering. -
The UK’s Porterbrook has signed £885m in bank financing from a syndicate of 11 lenders, with Moody’s giving the rolling stock company’s senior debt a Baa2 rating.
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Sweden’s SSAB has ramped up the size of its euro denominated revolving credit facility to €600m, as the high strength steelmaker becomes the latest beneficiary of the liquidity flooding the loan markets.
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France is set to revisit the SRI market, announcing a syndicated tap of its June 2039 Green OAT, or GrOAT. The deal will follow a German agency's annual green bond.
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China National BlueStar (Group) Co, a subsidiary of China National Chemical Corp, has launched a $500m loan into general syndication, three months after its parent sealed a $5.5bn senior secured facility.
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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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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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KommuneKredit will hit the road next week to talk up a new green bond, while a fellow Nordic issuer is looking to enter the social bond market — although not for some time yet.
