Crédit Agricole

Renault, the French car company, has arranged an up to €5bn short-term credit facility backed by its government, as fierce complaints have followed similar guarantees in other industries.

The European Investment Bank raised $5bn with a three year global benchmark on Tuesday, setting the stage for fellow SSA borrowers to tap the dollar market later in the week.

Italy and the European Union will reboot the euro public sector bond market on Wednesday after announcing syndications of new 10 and 15 year bonds, respectively. The deals will come ahead of the European Central Bank’s meeting on Thursday, in which it is widely expected to increase the size of its Pandemic Emergency Purchase Programme (Pepp).

Airbus, the European aircraft manufacturer, flattened its curve on Tuesday with a €3.5bn three tranche bond issue that commanded €15.1bn of demand. But European syndicate bankers said it offered no read-across for whether airlines might return to the bond market soon and that their chances of doing a deal were distant.

Amadeus, the Spanish travel booking group, has signed a €1bn bridge loan to bolster its liquidity supplies through the coronavirus crisis, though some bankers expect the number of crisis loans being signed to shrink in the coming weeks.

The Republic of Hungary made a swift return to bond markets on Tuesday, selling its debut green bond deal just over a month after a €2bn dual tranche trade.

Uralkali, the Russian potash fertiliser producer, signed a $665m pre-export facility (PXF) with a consortium of international banks, as lenders say that Russian borrowers seeking funding are finding pricing remains the main point of contention with lenders.

The Council of Europe Development Bank is preparing to issue its second Covid-19 response bond which will also be its first ever trade in dollars under its social inclusion framework.

Deal arrangers said on Monday that banks would not be dissuaded from bringing new bond deals to the market, though spread levels have started showing their first signs of weakness following an extraordinarily strong month in May.

Neoen, the French solar and wind energy producer, has issued the first green convertible bond in Europe — and investors’ eager reception of the deal suggests these instruments could be as popular in the equity-linked market as they have become in the straight bond market.

Rating: Aa3/AA

Tendam, a fashion retailer, is the latest Spanish company to get syndicated loan backing from state-owned Instituto de Crédito Oficial (ICO), as sectors hit hardest by the coronavirus pandemic lean on state support.