ING

ING printed an operating company tier two bond this week that can be converted into holding company debt, a new technique that could be used by other borrowers and even applied to senior unsecured bonds as banks wait for clarity on resolution rules in Europe. Tom Porter reports.

Rating: A/A1/A

Cheap euro loans from European banks are attracting the attention of typically dollar hungry EM borrowers, as Qatar National Bank (QNB) launched a rare offer in the currency.

Red Eléctrica de España, the Spanish transmission company, came to the bond market for a modest amount of debt on Thursday with tight results, as it bagged a negative new issue premium.

Dutch dairy firm FrieslandCampina has completed the second ever green Schuldschein, increasing the deal by a third in syndication.

Mercuria, the Swiss energy and commodity trader, is set to launch its annual European refinancing loan next week, according to a banker familiar with the deal.

Hong Kong-based commodities trader Noble Group is back in the market for a $1bn loan to refinance outstanding debt. But the company is paying up dearly for the fundraising as it battles scepticism around its sector and the state of its financials. Shruti Chaturvedi reports.

ING paid a small to premium to shield itself from TLAC/MREL uncertainty on Wednesday, issuing an opco tier two bond with a new feature allowing the bank to convert the notes to holdco debt.

ING has taken up the challenge of printing debt amid uncertainty over the Netherlands’ approach to total loss absorbing capacity (TLAC) requirements, while primary FIG activity has ridden out a secondary market blip.

Loss-making commodities trader Noble Group has launched a richly priced $1bn one year refinancing into general syndication.

Equity capital markets teams at banks will need a very good second quarter to make up for the weak first one, which left volume more than 50% down on last year’s run rate in both Emea and the Americas.

Qatar National Bank is turning to euro funding with its latest €1.5bn loan, which was launched on Tuesday.