Europe

Russia’s Sovcombank has entered the ESG loan market for the first time, raising a $350m syndicated loan. An increasing number of Russian corporates are turning to the green financing sector as a way to diversify funding.

The unprecedented shortage of primary covered bond supply, mounting redemptions and depleted trading inventories have created an acute squeeze on pricing. A much bigger wave of investors will soon be forced to exit the market if new bonds don't materialise.

Sixth Street and Investec this week both said they had closed European direct lending funds.

Investec has announced the first close of an inaugural direct lending fund targeting Western Europe’s small cap companies, which Investec believes are underserved by banks and other lenders.

Traton, the Volkswagen subsidiary which makes MAN, Scania and VW commercial vehicles, on Monday launched a sustainability-linked Schuldscheine with a minimum target of €400m. The first SSD deal of the year, Traton’s target size is a good indication the market is looking to make up ground it lost last year.

BlackRock, the US asset manager, has taken part in a $75m Series 'C' financing for Immunocore, a UK life sciences company that works in developing treatments that use the body’s T-cell receptors to fight cancer and other diseases.

NatWest Markets has made Jonathan Peberdy, Ian Donaldson and Simon Manwaring's positions on the firm's leadership team, following a reorganisation last year.

Société Générale failed to match BNP Paribas for demand in the sterling market on Monday, after following its peer by launching a new non-preferred senior trade in the currency.

Caisse Francaise De Financement Local (Caffil) issued only the second covered bond of the year in a large size on Monday, pricing the deal flat to its curve. Despite the prospect of mounting covered bond redemptions, the supply outlook remains abysmal, suggesting spreads will tighten more.

Green and sustainability-linked convertible bonds are poised to enter the mainstream, following a year of rapid growth in the asset class.

Dr Martens, the manufacturer of boots and shoes, filed initial paperwork for a flotation on the London Stock Exchange on Monday. The deal could be larger than £1bn ($1.37bn), according to sources speaking to GlobalCapital.

Credit Suisse gave investors a rare chance to pick up both fixed and floating rate senior bonds on Monday. The dual tranche deal was met with healthy demand, despite progressing more slowly than expected.