ING

The UK’s Gerald Group has signed its annual dollar revolving credit facility, with the metals trader growing the size of its banking group and increasing the size of its deal to $253.5m.

High grade corporate bond investors in Europe will have a range of names to pick from in the coming days, as US white goods maker Whirlpool mandates for euros and UK utility Welsh Water hires banks for a dual tranche sterling deal.

Marel, the Icelandic company that makes food processing equipment, has signed a €700m revolving credit facility, becoming the latest investment grade borrower to switch its bank debt to a sustainability-linked structure.

The Republic of Poland has printed €1.5bn 0% 2025s on Monday, selling the deal at 100.512 to give the first ever negative yield in euros — minus 0.102% — from any global EM issuer.

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.