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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.
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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.
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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.
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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.
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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.
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MET Group, the originally Hungarian, now Swiss-based energy trading, generation and distribution company, has agreed an €885m revolving credit facility. It has more than doubled the amount of bank debt it has available in the past three years.
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Ping An Real Estate seeks $300m — ICTSI tests appetite for €260m — Huifeng Petrochemical debuts with $200m
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South Korea’s Suhyup Bank returned to the international bond market on Tuesday after a near five year hiatus to raise $300m.
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Belgium’s Solvay has signed a €2bn sustainability-linked revolving credit facility, as the chemicals company progresses with one of the most ambitious decarbonisation undertakings in its industry.
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Shandong Huifeng Petrochemical Group is tapping the offshore loan market for the first time, seeking a $200m two year borrowing.
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Takeaway.com, the Dutch online food ordering company, hit the market on Thursday night with its pre-announced sale of new shares and convertible bonds to fund its €930m acquisition of Delivery Hero’s German operations. Both tranches of the trade attractive significant demand.
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Some Schuldschein arrangers are expecting that a syndicate’s distribution skills may become more important this year, as conditions across capital markets become difficult.