ING

Shriram Transport Finance Co raised $400m from first dollar bond on Wednesday, becoming the first Indian high yield borrower to tap the offshore market in just over a year.

ING Bank and Commonwealth Bank of Australia sold 10 year strong covered bond deals on Monday, creating a "virtuous circle" that should encourage more issuers to enter the market, according to one lead manager. But another cautioned that demand for long dated bonds was "frothy".

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The theme in the euro public sector market this week was large book sizes despite issuers paying very little concession, with Finland, the European Investment Bank (EIB), Madrid and the Joint Länder all keeping close to their curves.

Here Technologies, the Dutch provider of mapping and location services, has signed a €500m credit facility. Some European loans bankers insist they are swamped with deals, even though they have just finished the quietest January for years.

All three public sector borrowers in the euro market on Tuesday received record order books, despite the spreads tightening by up to 5bp during pricing — which left little to no concessions for investors.

Sanoma, the Finnish learning and media company, has signed €550m of bank funding, some of it earmarked to fund its acquisition of Iddink, the Dutch educational platform and service provider.

Demand for corporate bonds is strong but it is at its strongest for green and hybrid debt, especially for deals that combine both qualities. On Tuesday, Spanish utility Iberdrola found similar demand for green hybrids to that which Engie and EDP had benefited from in January, and market participants are starting to revise their issuance forecasts for the asset class.

Finland and Madrid hit screens on Monday to capitalise on the red hot appetite for euro sovereign supply in the 10 year part of the curve.

Several public sector borrowers tapped the socially responsible investment (SRI) market this week, with more deals expected in February, before what many analysts expect will be a record year for the asset class.

Chinese automobile retailer Zhejiang Geely Holding Group has returned for a €1.4bn dual-tranche facility to refinance a bridge loan raised last year for its purchase of a share in Swedish truck maker AB Volvo.

Nederlandse Waterschapsbank was over three times covered for a 10 year affordable housing bond on Wednesday, allowing it to tighten multiple times during pricing to leave no concession, according to on-looking bankers. Meanwhile, the State of North Rhine-Westphalia has appointed banks to arrange a roadshow in Europe and Asia for a long dated euro sustainability bond.