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Europe’s high grade corporate bond market had a more relaxed pace on Thursday, though two issuers brought seven year green bonds: Italian railway company Ferrovie dello Stato and Neste, the unrated Finnish oil refiner which is transitioning to produce biofuels. -
Barclays and Standard Chartered gave euro investors rare opportunities to build subordinated exposure to UK banks this week. The issuers were looking to benefit from strong market conditions during a more stable trading period for interest rates.
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Europe’s high grade primary bond market was pumping out deals with double figure new issue concessions on Tuesday, though German real estate company Vonovia’s planned debut green deal will test whether ESG demand is still rampant enough that the borrower won't have to offer extra.
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Commodity trader Trafigura has launched US private placements, according to market sources, its second entrance to the market in less than 12 months.
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Deutsche Bank and Standard Chartered were marketing green and sustainable bonds in dollars on Tuesday, following a tricky period for new deals in the currency.
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Standard Chartered gave euro investors another rare opportunity to build exposure to UK subordinated debt on Tuesday, as it followed Barclays in issuing a tier two transaction in the currency.
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Indonesian garment company Pan Brothers has been downgraded by Fitch Ratings for the third time this year owing to defaults on a dollar loan.
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Bank issuers are increasingly interested in the idea of selling tier two bonds in green formats. But green additional tier ones are unlikely to bloom.
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Tricor Holdings is planning a return to the loan market to refinance a HK$2.8bn ($360m) borrowing it sealed in 2016 for a leveraged buyout by investment firm Permira.
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China Hongqiao Group and Guangdong Lingyi iTech Manufacturing Co are seeking loans worth a total of $350m.
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Met Group, the Swiss energy trading company, has signed a €120m term loan, increasing the size of its term debt and using some of the same banks that provided revolving credit facilities last month.
