ING

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.

The stars aligned for French drink company Pernod Ricard’s return to the bond market, with the issuer printing flat to its curve, or even through it by some estimates, in its first outing since being upgraded by two credit rating agencies.

France’s Pernod Ricard is in the market on Monday for a €1.5bn trade, with the drinks company striking while the iron is hot to print debt after being upgraded by two agencies last week.

ING Poland has issued its first covered bond, a deal secured on green assets denominated in zloty. The issuer plans to return early next year with its first euro denominated green covered bond in benchmark size, said chief executive Boda Miroslaw,

Mann+Hummel, a veteran borrower in the Schuldschein market, struggled to place a Schuldschein, according to market sources, with participants citing ZF Friedrichshafen’s blockbuster transaction as well as the market’s over-indulgence in the auto sector this year as chief reasons.

Russian potash producer Uralkali hit the market on Tuesday, tightening pricing on a $500m bond issue, the borrower's first international deal since 2013. DCM bankers are confident Russian issuance will continue to fill the market throughout the fourth quarter, as Norilsk Nickel began a roadshow.