ING

Gunvor, the Swiss energy and commodities trading company, has signed a $1.68bn revolving credit facility, having increased it during syndication as lenders piled into the transaction.

Nemera, the French maker of drug delivery devices, and UK school operator Cognita are funding their new ownerships in a euro leveraged loan market dominated by acquisition deals.

ING has been busy in the capital markets in recent months, and it took another €4.5bn of senior funding through its operating company on Monday, backed by €7.5bn of demand from investors.

A flurry of Asian bond issuers have ventured out in a bid to wrap up deals ahead of the Thanksgiving holiday in the US on Thursday, even as markets remain on shaky ground.

French toll road operator APRR had been quiet in 2018 by its own standards, but it sold its first corporate bond deal of the year on Wednesday with a €500m long 11 year trade. It paid a low new issue premium for the deal, but lost a number of orders along the way.

The Netherland’s AVR has signed a €100m sustainable credit facility, with the waste to energy company pushing out maturities to up to seven years.

Emirates NBD is set to return to the dollar market, picking banks for a five year benchmark. The trade will be joined in the market by a dollar bond from UAE-based private healthcare provider.

ING held nothing back with the sale of its first green bond at holding company level this week, raising nearly $3bn equivalent across tranches in both euros and dollars.

Two emerging market (EM) sovereigns hit the euro market this week: one debuting and the other returning after a year-long absence. Both deals met with warm receptions, giving some credibility to the notion that euro investors will be happy to stay in EM deals even as quantitative easing (QE) winds up and rates climb.

Rating: Ba3/—/BB

A strong order book allowed ING to raise €1.5bn on Thursday with the euro leg of its first ever green holdco bond — a size that was twice as large as any other financial institution has so far achieved with an unsecured green transaction in the currency.

Turkey’s first euro benchmark in four years hit the market on Wednesday, raising €1.5bn with a February 2026 deal before being hit by a sell-off.