Crédit Agricole

Berlin-Hannoversche Hypothekenbank (BHH) mandated leads to market the first green pfandbrief, or Grüner Pfandbrief. More green covered bonds and RMBS are on the way.

Shinhan Bank’s red hot $600m five year bond this week impressed the market with its top notch pricing and timing. The $4bn order book was certainly eye catching, but observers were also won over by how the deal was able to shock a subdued Korean DCM market back into life.

The People’s Bank of China (PBoC) has unleashed a raft of measures to stimulate borrowing in the mainland, but the benefits are yet to trickle down to smaller credits. This gap offers an opportunity to foreign lenders, and they are increasingly being seen in renminbi syndications onshore, writes Shruti Chaturvedi.

RCI Banque, the customer finance arm of French car maker Renault, today issued a €750m 3.25 year floating rate note, continuing a run of issuance of short dated floaters by frequent issuers.

The Korean DCM market is finally showing some signs of life, with Shinhan Bank opening books for a dollar denominated bond on April 8. Even though the Korean lender is expected to print a deal of only $350m-$500m, market observers are still excited by its appearance as it could be the first of a long list of names.

Aircraft leasing company AerCap has refinanced a $1.1bn term loan facility after American International Group announced plans to sell its stake in the company.

Volkswagen issued €500m of 2.5 year floating rate notes and €750m of 6.5 year fixed rate bonds into an improving corporate bond market on Tuesday.

Rolls-Royce, the UK aero-engine maker, has refinanced a £1.5bn credit facility for the budget price of 21.25bp over Libor, according to Dealogic.

French satellite group Eutelsat has refinanced €800m of loans with a syndicate of nine.

ING is set to leap into the post-Easter market for its first additional tier one deal, looking to add to a recent hot streak for subordinated paper.

Sentiment improved in covered bonds this week, mirroring the better backdrop in credit markets. Two German issuers found solid demand for their deals, in contrast to the previous week when issuers had struggled to sell bonds. Both this week’s trades were in the intermediate sector, in contrast previous deals which had been in the oversupplied long end of the curve.

Crédit Agricole CIB (CACIB) has launched a new dim sum bond index tracking SSAs, FIs and corporates, with cross-currency swaps (CCS) and the offshore RMB (CNH) outlook emerging as key factors influencing issuance.