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ING

  • 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.
  • 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.
  • 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.
  • 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.
  • Mercuria Energy Group bagged a bigger-than-expected $1.35bn from its latest annual revolver in Asia, after 36 banks joined the deal.
  • 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.
  • 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.
  • Belgian chemicals manufacturer Solvay sold its first public corporate bonds for three years on Tuesday when it reopened the European hybrid bond market, which has not seen a new issue since September. Despite the recent dearth of issuance, the market is still set to record an increase of more than 57% on 2017’s total volume.
  • FIG
    Neither ABN Amro nor Raiffeisen Bank International were hanging around after a brighter start for financial markets on Monday, with the duo using the opportunity to open books on new preferred senior transactions.
  • French postal operator La Poste saved the corporate bond market in Europe from registering a blank week when it sold its first green bond on Friday. Despite the negative sentiment that had pervaded the market throughout the week, the company paid a new issue concession at the lower end of the range paid by deals the previous week.
  • The Co-operative Group pulled out of a new bond issue and took the rare step of cancelling a tender offer this week, with bankers pinning the blame on the UK’s Brexit brouhaha.
  • Bankers in the corporate bond market still have a number of deals on their pads to try to execute ahead of the end of 2018. None was successful this week, but that hasn’t dented their ambition.