ING

Wells Fargo was set to raise €3bn of senior debt in the euro market on Friday, becoming the first US bank to visit the currency following first quarter results.

Shandong Qingyuan Group Co, a Chinese manufacturer and distributor of petrochemical products, is in talks with lenders to delay payment on a $1bn loan sealed last September as volatile oil prices take a toll on the company’s business.

The Republic of Hungary made a jumbo return to euro markets on Thursday with its first hard currency trade since 2018. Bankers expect more trades from both the sovereign and its neighbours.

The Republic of Hungary has mandated a consortium of banks to lead a dual tranche bond issue in euros. The government's debt management body has increased its foreign currency issuance limits as a result of the spread of Covid-19.

Analysts have praised UniCredit for taking a conservative approach to dealing with the coronavirus pandemic, after the Italian bank said on Wednesday that it would be making higher loan losses provisions in the first quarter than had been expected by the market.

Sweden’s Alfa Laval has amended its revolving credit facilities, with the heavy industry products maker consolidating two old deals into one €900m revolver.

Italy mandated banks for a new five year to be sold alongside a tap of a September 2050 bond on Monday as it prepares to bolt on a bigger funding programme in order to fund its effort against the coronavirus pandemic. The sovereign will be joined by Luxembourg in the euro public sector bond market on Tuesday.

Europe’s high grade corporate issuers began the week deploying their recent tactic of tightening spreads aggressively during bookbuilding from cheap starting points, with Elia Transmission Belgium ratcheting in its spread by 60bp from initial price thoughts.

Credit Bank of Moscow, one of the few Russian banks to frequently tap the international syndicated lending market, has raised a loan from a consortium of international banks. The deal comes amid an increasing number of Covid-19 infections being reported in Russia, which is now one of the emerging markets with the fastest-accelerating growth of cases.

Dutch port operator Royal Boskalis Westminster has refinanced a €500m revolving credit facility, as analysts warn that the coronavirus pandemic could see world trade plunge by as much as 34%.

European corporates found a strong bond market on Monday after raising a record amount of bond funding last week, as the European Central Bank pours money into high grade debt.

The corporate bond market made a blazing start to Monday with deals for Repsol, Naturgy and LafargeHolcim on screens, as issuers cram what they can into a shortened week.