Crédit Agricole

A pair of supranationals hit opposite ends of the euro curve on Tuesday, keeping down their size ambitions in favour of tightening pricing.

Two mandates hit screens on Monday for supranational euro benchmarks. The Asian Development Bank (ADB), encouraged by a favourable basis swap, is set to make a rare appearance in the currency, coming to market alongside the European Stability Mechanism (ESM).

Chinese telecommunication company ZTE, which is asking for a covenant waiver on a $450m loan, is set to get some relief after US president Donald Trump said he would work with China to get the company back to business soon.

Birla Carbon, part of Indian conglomerate Aditya Birla Group, is targeting its relationship banks for the senior syndication of a $1.2bn borrowing.

Rating: Baa2/BBB/BBB (Moody’s, S&P, Fitch)

ZTE Corp’s travails have taken a toll on the Chinese telecommunications firm and its bank lenders, with the company seeking a waiver after a covenant breach on a $450m loan. Despite the Chinese government throwing its weight behind ZTE, smaller lenders in the syndicate are worried about the ramifications, writes Pan Yue.

On Wednesday, US car manufacturer Ford’s finance arm followed its recent trend in using the euro corporate market to fund itself in floating rate note format. It kept its tenors short with a pair of FRNs, but found investors had a preference for the shorter option.

On Wednesday, US car manufacturer Ford’s finance arm followed its recent trend in using the euro corporate market to fund itself in floating rate note format. The company kept its tenors short with a pair of FRNs, but found investors had a preference the shorter option.

Investors poured into Korea Water Resources Corp’s $300m green bond on Tuesday, satiating their thirst after a rare offering from the state-owned issuer. The deal got a boost of liquidity after the bookrunners tapped a growing pool of green-focused investors.

Chinese telecommunications firm ZTE Corp, which has failed to comply with a covenant on a $450m syndicated loan due in July, has requested lenders to waive the breach, according to bankers close to the situation.

A solitary syndication from KfW broke the otherwise placid waters of the public sector debt market on Wednesday.

London-listed Ophir Energy has agreed a bridge loan to back its $205m acquisition of southeast Asian assets from Australian oil and gas company Santos.