ING
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Qatar’s Doha Bank has closed a $525m unsecured facility as lenders demonstrated healthy appetite for the small and politically isolated Gulf country.
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Russian Copper Co (RCC) has closed a $250m five year credit facility, marking the second refinancing that RCC has secured this year. The tight margin sparked a sliver of optimism in the market.
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ING completed a deal in the Tokyo Pro-Bond market this week, raising over $1bn equivalent on a week in which it could not find acceptable demand in dollars. It was also able to distribute notes to regional banks before debt counting towards total loss absorbing capacity (TLAC) weighs more heavily on those buyers’ balance sheets.
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A short surge in risk appetite on Monday was not durable enough for ING Groep to proceed with a dollar tier two bond transaction on terms it felt were reasonable this week. The Dutch firm became the latest FIG issuer to pull a trade after announcing initial price thoughts.
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Element Materials Technology, the UK materials testing company owned by Bridgepoint, was looking for a small loan extension this week, and seeking consent from its investors for higher leverage ratios under the loan covenants.
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Austrian oil and gas company OMV sold its first senior corporate bonds of 2018 on Monday after it attracted €3.9bn of demand for a pair of €500m notes with five year and 10 year tenors.
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French postal operator La Poste saved the corporate bond market in Europe from registering a blank week when it sold its first green bond last Friday. On Wednesday, Deutsche Post followed its peer’s lead by announcing a deal with the same tenor.
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Edenred, the French operator of employee benefit schemes, discovered on Thursday that investors still have cash to put to work in the corporate bond market, even though eight deals had been priced in the first three days of the week and the end of the year is in sight.
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Borealis, the Austrian petrochemicals maker, sold its largest corporate bond tranche on Wednesday. The deal came two days after Austrian oil and gas company OMV, which owns more than a third of Borealis, had issued its own dual tranche deal.
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Mercuria Energy Group bagged a bigger-than-expected $1.35bn from its latest annual revolver in Asia, after 36 banks joined the deal.
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Electricité de France has extended and amended its €4bn revolving credit facility to link it to environmental, social and governance (ESG) standards, as green-centric loans continue to gain traction among borrowers.
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UK listed fund GCP Infrastructure has increased the size of its revolving credit facilities to £165m, as the infrastructure investment company continues to draw heavily on its bank lending lines.