HSBC
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Dutch food and biochemical company Corbion has refinanced its revolving facility with a five year loan with an interest rate linked to the company’s year-on-year sustainability performance. -
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Guarantor: Federal State of North Rhine‑Westphalia
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Sovereign, supranational and agency borrowers were out in force this week, but the second busiest week of the year for euro funding was notable for the lack of price tension on many deals.
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There was a smattering of sterling deals from public sector borrowers this week, as the biggest issuer in the currency — the UK Debt Management Office — provided details for its next syndication.
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Several international borrowers are marketing in the Schuldschein market. Though there are several idiosyncratic reasons for each, the prevailing idea is the instrument is competing with the unrated bond market on price again.
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German construction firm Hochtief opted for a €500m no-grow deal when it came to market for the first time as a rated company this week. The company gained a BBB rating from Standard & Poor’s in May 2017.
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Spain, fresh from its success with a 10 year benchmark on Tuesday, is eyeing a return to the long end of the syndicated inflation linker market towards the end of the year.
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Korea National Oil Corp (KNOC) has sold its first dollar bond of the year, opting for a Formosa transaction in Taiwan.
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Spain’s Masmovil has completed a second round of refinancing on its bank loans, shaving a further 100bp off the cost of its total debt pile and ramping up the size to €831m.
