ING

The Netherlands’ Stedin Holding, a holding company for electricity and gas grids, issued its debut green bond on Thursday, pricing it through its curve.

ING has appointed Martjin Bruins as global lead of its structured acquisition finance unit, alongside his existing role as head of the unit in London for origination.

BBVA and DNB Bank were both looking to build towards their minimum requirements for own funds and eligible liabilities (MREL) in the euro market on Thursday, eschewing non-preferred senior issuance in favour of the cheaper preferred senior format.

Santander Consumer Finance (SCF) had plenty of momentum in its order book as it looked to extend its maturity curve in the preferred senior bond market on Wednesday.

The first tier two from Spain’s Unicaja Banco was more than three times subscribed this week after it entered a strong new issue market. It appeared alongside ING, which paid a slim 5bp premium to print a deal in the same asset class.

Dufry, the world’s largest travel retailer, issued €750m of senior unsecured notes on Wednesday to buy back its outstanding €700m of 4.5% notes, due in 2023, and pay back a small slice of its revolver.

Royal Bank of Scotland is preparing to sell its first social senior bond from its holding company, giving investors a rare chance to add exposure to a UK issuer in the format.

The holding company of the Bolloré billionaire family is planning to issue an unspecified amount of unsecured notes. Their largest investment, a 26% stake in media giant Vivendi, will be excluded from some of the covenants designed to protect the investors.

One of the more fascinating transactions to reach the Schuldschein market in the past few months is from the European arm of Singapore-listed real estate investment trust (Reit) Cromwell. The transaction’s closing date was postponed by more than a month, as many away from the deal claimed the deal was struggling to find traction. But bankers close to the situation were quick to assure that it was still on track and investors just needed more time to analyse the credit.

The European Bank for Reconstruction and Development has printed a pair of tightly priced currency linked notes, showing that investors are accepting lower yields in return for exposure to potential currency appreciation.

Fitch is forecasting a negative outlook for the issuer ratings of some of the largest lenders in the Netherlands, warning that the early introduction of a risk-weight floor for mortgage assets could weigh on the country’s banking sector through additional capital demands.

Rusal has signed the first internationally syndicated sustainability-linked loan from Russia. The heavily oversubscribed facility is part of a slowly growing shift towards green financing in Russia, said bankers.