Europe

Infrastructure and renewable energy firm Acciona is marketing a €100m green promissory note, one of only a handful of green Schuldscheine ever completed and a rare deal from a Spanish borrower.

UniCredit has made a pair of senior appointments in its German equity capital markets business.

Cabot Credit Management, the debt purchasing and recovery business, has amended its senior secured revolving credit facility and lowered the margin but kept the same group of lenders.

French sugar and alcohol producer Tereos on Wednesday sold a tap of its 2023 bond. It plans to use the offering’s proceeds to repay high cost bank credit facilities.

Flakt Woods, the Swedish air conditioner supplier, allocated its €300m buyout term loan on Wednesday, at notably wider pricing than most other deals in the market of late.

Close Brothers was looking for 10 year sterling funding on Wednesday, while Westpac launched a dual-tranche bond in euros, as banks revived their funding plans after a volatile period.

CNP Assurances attracted more than €7bn orders for the first tier three insurance bond in euros. The investor-friendly format offered a pick-up over senior paper, and may have lifted the lid on a cheap source of capital.

Promsvyazbank (PSB) opened books on a three year senior deal on Wednesday, following hard on the heels of compatriot, Otkritie. But PSB wants more international investment than that seen in recent Russian deals, its CFO told GlobalCapital.

Three European socially responsible investment (SRI) funds have participated in a $22m loan, backed by the EBRD, to build Georgia’s first wind farm.

Corporate bond issuance is continuing at a fast rate in Europe, with three deals on Monday this week and six on Tuesday. But investors have become less willing to accept the tight spreads, yields and new issue premiums that quantitative easing has underpinned for much of this year.

Rentenbank tapped its new 10 year Kangaroo line for A$50m ($37.8m) on Tuesday. Attracting a mixture of Asian accounts, the agency's long dated paper pulled in a wide range of investors.

Two European IPOs have failed this week, as investor sentiment has been shaken by the poor trading of Nets and Innogy. The reticence has not stopped a UK publisher from enjoying encouraging ex-rights trading.