Crédit Agricole
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China National Chemical Corp (ChemChina) has raised $6.4bn from a six-tranche transaction in euros and dollars to refinance debt taken for Syngenta’s acquisition. The issuer was willing to pay up to take more on the long end of the curve, with the juicy premium summoning a book of more than $15bn at its peak. -
The European Investment Bank printed a €5bn 10 year benchmark on Wednesday — the second largest deal of the year from a non-sovereign SSA issuer — dispelling any lingering concerns over the market’s reaction to the Italian election result.
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Bank Muscat has taken orders north of $1bn for its new five year Reg S dollar bond on Wednesday, allowing the leads to launch the deal at the tight end of final guidance.
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State Bank of India’s latest $750m loan is set to move into the retail phase within the next couple of weeks, according to bankers.
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Tata Sons could launch a $1.5bn borrowing within the next two weeks, as the Indian firm prepares its return to the syndicated loan market after a decade.
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Kommunekredit has printed a €1bn five year note — but two more SSA borrowers are lining up further out in the curve.
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The State of North Rhine Westphalia broke its size record with a sustainability bond on Tuesday, printing €2.025bn and cutting 2bp from guidance to offer a skinny new issue premium.
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Banks rushed into the primary market with new unsecured funding deals on Tuesday morning, taking advantage of what one lead manager described as the first “sensible backdrop” in more than a week. But attention will be focused on whether or not the new offerings can perform in the secondary market.
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A pair of chunky fundraisings in Asia have been lapped up by banks, as China National Chemical Corp (ChemChina) and Zhejiang Geely Holding Group look to wrap up syndications next week.
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The SRI market is in full swing. Two borrowers are set to come to market on Tuesday, while a third is going on the road to promote its return to the format.
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On Friday, Unilever Spreads released guidance for its €4.6bn equivalent loan to fund its acquisition by KKR. French telecoms infrastructure group Circet also launched a smaller deal, a €570m loan package for its buyout by Advent. But investor demand isn't satisfied yet, say some market participants.
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On Thursday, Prologis, the US-based warehouse Reit group, became the first issuer from its sector to issue a green bond, when it sold a €300m 10 year deal.
