Mizuho

Prada, the Italian fashion house, has completed an amend and extend operation on its main bank revolving credit facility. Lenders say similar deals will make up the bulk of their business for the rest of the year.

The ESG loan market has had a busy week, with Swedish ingredients company AAK and German container shipping firm Hapag-Lloyd agreeing sustainability-linked and green debt.

European companies piled into the bond market on Wednesday with a variety of deals that favoured duration, as buoyant sentiment returned after being sapped by the US Federal Reserve last week.

Singapore-based agriculture company Olam International is tapping shareholders through a rights issue, to raise S$601.7m ($447.2m) to repay debt from a recent acquisition.

The Export-Import Bank of Korea (Kexim) sold the first public 20 year dollar bond from a FIG issuer from the country this week — potentially paving the way for other borrowers to also opt for the same tenor. Morgan Davis reports.

Singaporean logistics company GLP used a subordinated perpetual bond structure to raise $300m of green funds this week.

AAK, an ingredients company in Sweden, has renewed its €400m revolver, adding sustainability-linked metrics to the deal for the first time.

Credit spreads held firm in the US corporate bond market on Thursday, despite a sell-off in Treasuries after the Federal Open Market Committee took a tone interpreted as hawkish. Three companies were tempted to issue.

Naturgy Energy, the Spanish gas and electricity utility, has doubled the size of its revolving credit facility in an amend and extend exercise, the latest demonstration that the balance of power in the loan market remains firmly on the side of the borrowers.

Snus tobacco and match producer Swedish Match has made a rare stop in the euro bond market to issue its first offshore deal of the year. Elsewhere, QNB Finance and First Abu Dhabi visited a pair of niche currencies.

Agricultural Bank of China sold a multi-currency deal through its Hong Kong branch this week, raising $1.322bn.

Supply was light in the US corporate bond market this week, partly because the May non-farm payrolls report is due on Friday. Participants are braced for volatility after the US Federal Reserve announced on Wednesday it would start selling its holdings of corporate bonds, purchased as a stimulus measure at the height of the pandemic. It was left to Vodafone of the UK to reopen new issuance after the Memorial Day holiday.