ING

The Republic of Poland pulled in €6bn of orders for a five year benchmark bond on Monday, with the issue four times covered as coronavirus fear still ripped financial markets.

New dynamics are appearing in the sustainability-linked loan market, as the product balloons and banks prepare for more intense scrutiny of their green lending activities. The trends highlight how unformed and confusing this young market still is, writes Jon Hay.

Romanian telecoms giant Digi issued an €800m bond this week, offering investors exposure to risky but fast-growing eastern European economies. Digi is joining the long list of companies taking advantage of exceptionally favourable refinancing conditions in European high yield.

Indorama Ventures, a petrochemicals company headquartered in Bangkok, has mandated banks to raise Schuldscheine via a European subsidiary, according to several people familiar with the situation. The deal is a further sign of the instrument’s growing popularity in East Asia.

DeA Capital Real Estate has signed an €85m green loan, which lenders say is the first in the Italian property sector.

Macquarie Group was well-supported on its return to the euro market on Thursday, as it launched its first senior offering in the currency since February 2018.

Credit Bank of Moscow sold its $600m five year bond “flat to the curve” on Wednesday, according to a syndicate official on the deal.

UK flooring company Victoria issued a €170m add-on to its €330m of outstanding 5.25% senior secured notes, due in 2024. The royal carpet maker successfully issued its debut bond last summer after failing at the first attempt in 2018 in a horribly timed launch.

Novolipetsk Steel, one of Russia’s largest steel producers, has amended an existing loan to include sustainability-linked pricing. The deal is the latest in a string of green financings in the country.

Denmark's Torm has signed $496m of bank loans, as new regulations affecting the global shipping industry take hold.

Landesbank Baden-Württemberg (LBBW) became the first issuer of non-preferred senior bonds in green format in sterling this week. The German lender took advantage of favourable market conditions to print in line with other recent sterling issuers.

Three CEE banks have announced new bond issues this week. Armenia's Ardshinbank has printed a $300m five year bond, Credit Bank of Moscow has initial price guidance out on a dollar five year benchmark and Sovcombank, another Russian bank, has released plans for a roadshow.