ING

Specialty chemicals distributor Azelis offered a €1bn loan deal to fund its acquisition by EQT this week. It has pre-placed almost half of it amid widening margins in the European leveraged loan market.

The Netherlands could be at the beginning of a crackdown on tax benefits for additional tier one (AT1) capital, after the European Commission said that state aid concerns had convinced it to take aim at provisions that allow banks and insurers to deduct tax from interest paid on the instruments.

Belgian postal operator Bpost announced a debut benchmark eight year deal within 48 hours of finishing an investor roadshow and achieved a very high quality order book for an eight year bond.

The €90m re-IPO of Belgian shoe retailer FNG was due to be priced at €27 on Thursday, above the bottom of the initial €26.25 to €29.75 range, according to a banker involved in the transaction.

Dutch banks have moved one step closer to being able to issue non-preferred senior debt after the government made progress with the relevant legislation this week, but a spokesperson for the ministry of finance suggested that final implementation was not expected until the fourth quarter.

Two corporate bond issuers from opposite ends of the ratings spectrum found similar success with new bonds on Wednesday. The seven and eight year tenors found favour with investors looking to put new cash inflows to work.

Bank debt investors have calmed their nerves about the possibility that Dutch banks will call their additional tier ones at par, following a government proposal to tax the interest paid on the instruments.

European banks remain divided on whether to make their minimum requirements for own funds and eligible liabilities (MREL) public, as the Single Resolution Board presses on with informing financial institutions of their first sets of binding targets.

The Dutch government is planning to get rid of tax deductions for coupons on the tier one securities issued by banks and insurers, after the European Commission said that their tax treatment could raise state aid concerns.

Dutch food and biochemical company Corbion has refinanced its revolving facility with a five year loan with an interest rate linked to the company’s year-on-year sustainability performance.

Italian tyre company Pirelli has launched a Schuldschein after a six year absence from the market. This is a clear illustration, Schuldschein market participants said, of the resilience of the product, versus the shakier backdrop of public bonds.

Spain’s Masmovil has completed a second round of refinancing on its bank loans, shaving a further 100bp off the cost of its total debt pile and ramping up the size to €831m.