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Student Hotel finds bed for sustainable loan — Italo mainlines green loans — Green bond stalwart Tennet signs — Scottish Mortgage returns to US PP — CVC-owned April preps rapid refi
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A trio of triple-B rated companies brought bond sales totalling €2.75bn on Thursday, as a primary market abuzz with official stimulus roared towards the year's close. -
Carrefour, the French supermarket group, has launched a tender offer for €2bn of bonds, hoping to buy back a maximum of €400m.
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Italo, the Italian high speed rail operator, has signed a €1.1bn green loan, in what tit says is the biggest ever product of that stripe in its home market and the largest ever in the transportation sector globally.
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Lloyds Banking Group marketed an additional tier one in the sterling market this week, making use of favourable conditions. The lender was “quite an attractive credit” in an undersupplied market, according to analysts.
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The Netherlands’ Tennet Holding has increased the size of its bank revolving credit facility to €3bn and linked the margin to sustainability goals, in a deal the electricity transmission system operator says is the largest sustainability-linked revolver in the Benelux region.
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Issuers in the financial institutions bond market do not want to see the chance for cheap funding slip, so more are lining up deals. On Monday, Landesbank Hessen-Thüringen (Helaba) mandated leads for a preferred senior bond in euros, and UK insurer Utmost International said it was aiming for an senior unsecured bond in sterling.
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Royal Bank of Scotland launched its debut social bond on Friday, attracting over €2bn of orders for its €750m offering. The trade benefited from a favourable backdrop in the primary market and an increased appetite for UK credit caused by a scarcity of issuance from the country this year.
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Baring Private Equity Asia is seeking a $265m loan to support its acquisition of India’s CitiusTech.
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Standard Chartered sang the praises of the Reg S only dollar market this week, after building a chunky order book behind its first tier two in the format in seven years. The deal kick-starts a busy period of capital issuance for the UK bank.
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Investors staged a protest over pricing in the non-preferred senior bond market this week, causing one transaction to fail and putting two others at risk of falling flat. Comfortable with their returns for 2019 and happy to be able to choose from a glut of new bond offerings, funds have simply been happy to divert their attention elsewhere. Tyler Davies reports.
