Crédit Agricole
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Chinese telecommunications equipment provider ZTE Corp has closed syndication of its $450m four year bullet loan, signing up 12 banks. -
Export-Import Bank of China (Chexim) is looking to make its first dollar issue in nearly ten years, having been absent from the currency since October 2005. The quasi-sovereign’s announcement comes amid a rally in Chinese investment grade dollar-denominated bonds.
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KfW this week stamped its mark in the green bond market, printing a bond that is the largest ever single tranche green deal, the biggest new green issue by a supranational or agency borrower and the first to include quantitative impact assessment. The deal’s secondary pricing performance will be watched eagerly by bankers as a bond of this size and liquidity should help market participants determine where green bonds should be priced versus standard bonds — if they should be priced differently at all.
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Borrowers' continued confidence in the leveraged loans market is affecting deal structure, with private healthcare operators Générale de Santé and Quirón structuring their respective €1.1bn and €2.15bn deals to target term loan ‘B’s to banks, who usually prefer the amortising payments of term loan ‘A’s.
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German bankers, who had been busy nursing sore heads after celebrating their country’s World Cup victory last Sunday night, will not have been overly taxed by DG Hypothekenbank’s drive-by Pfandbrief syndication on Monday. Being the rarest issuer from one of the most technically squeezed jurisdictions in Europe, a strong outcome was never in doubt. Painkillers were however required for the allocation process.
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Taiwanese cable television operator China Network Systems (CNS) has mandated a group of eight banks for a NT$48bn ($1.6bn) seven year loan that features three tranches.
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KfW threw down the gauntlet to other issuers with its debut green bond this week by adding another factor to reporting standards: impact reporting. Investors clearly like it — Tuesday’s deal at €1.5bn is the biggest ever new issue green bond in the sovereign, supranational and agency sector. But it is good to see KfW pioneering new green features, it won’t be good for the market if every issuer rushes to include it.
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Générale de Santé, the French private healthcare group, has announced price guidance and covenant terms on the €1.75bn of loans backing its takeover by Ramsay Santé.
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Polish copper firm KGHM has signed a $2.5bn five plus one plus one facility, as Poland continues to be the biggest beneficiary of the near-shutdown of the Russian loan market.
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French ingredients company Naturex signed €320m of loan agreements on Thursday, part of which will be used to finance its acquisition of US company Vegetable Juices.
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Banco Popular Español postponed a sale of its second additional tier one (AT1) deal after launching the deal into a sell-off in the AT1 market that became progressively worse over the course of the morning. The Spanish bank was looking to issue the transaction at a level market participants said was surprisingly aggressive.
