ING

Market participants say that secondary spreads of emerging market loans are compressing as activity draws to a standstill, amid signs of slowing global growth and the threat of trade wars.

Medicover is on the hunt for at least €100m of funding in the Schuldschein market. The Swedish healthcare company joins a growing number of Nordic borrowers looking to tap the German loans market.

ING has launched the world’s first sustainability improvement derivative, a derivative with a credit spread that is linked to sustainability performance. The trade comes amid growing demand for environmental, social and governance derivatives products.

ING's Turkish arm, ING Bank AS, has raised a $309m-equivalent trade finance loan from international lenders. The deal is a precursor to the year's second round of Turkish bank refinances, expected to begin in the next month.

GlobalCapital has published the nominations for its Sustainable and Responsible Capital Markets Awards. The winners will be announced on September 17, at our Awards Ceremony in Amsterdam.

SNCF Réseau steamed ahead with a new century bond issue this week, its second and largest deal to date, amid declining rates that has seen more and more investors take a risk at the ultra-long end in return for yield pick-up.

Green Schuldscheine have been a peripheral feature of the market for the past three years but this seems to be changing, with a billion plus transaction from Porsche and a sustainability linked note from Durr stirring investors into a frenzy. This green turn could have more of an impact for short term market growth than the odd non-European borrower tapping the market.

Belgium’s Fagron has signed a €375m sustainability-linked credit facility, with the healthcare and pharmaceutical supply company aligning the margin of the facility to greenhouse gas emission reduction.

FIG bond investors are showing signs of become more risk-averse at the beginning of August, with bank bond spreads widening amid questions about the health of the European economy.

Investors hoping for new investment grade corporate bonds this week may be disappointed, as widening spreads and falling equities make the market less tempting for issuers.

The European Commission has asked the European Banking Authority (EBA) to say how Basel IV could affect banks’ ability to meet their total loss-absorbing capacity (TLAC) requirements — work that it says is "essential" to understanding the impact of the new reforms.

Corporate borrowing activity is expected to be sustained throughout the second half of the year as borrowers "take advantage" of the liquidity in the loan market. The expectation comes in the aftermath of two large dividend recapitalisation transactions by Polish corporates, Allegro and Żabka, in the second quarter.