MUFG

The response to Tata Motors' £640m ($839m) refinancing has been phenomenal, with the loan generating commitments exceeding $1bn, said bankers close to the situation.

The dollar market picked up where it left off in 2017 with tight pricing and bulging order books as borrowers hit the ground running.

Corporate bond market participants show little sign of caring about the end of European quantitative easing and the danger that presents to their market — which has arguably been the sector most affected by the policy. Nigel Owen reports.

Investment grade corporate bond market players only had to wait one day for the first new deals of 2018. Renault and BMW both brought new paper to market on Wednesday, selling a total of €2.75bn of bonds with little premium.

A $350m-equivalent yen denominated borrowing for Indian power financier National Thermal Power Corp (NTPC) has entered primary syndication, testing the market’s appetite for a 10 year maturity.

Reliance Industries has allocated its $2.49bn multi-tranche fundraising among 31 banks, with plans to transfer in the new lenders before the end of the year, said bankers close to the trade.

Mitsubishi UFJ Financial Group has appointed Alice Gastaldi to its leveraged finance division, the bank said on Thursday. She had been working at UniCredit for almost eight years.

Doha Bank Qatar has sold a yen clip through MUFG, its first since June when the country became embroiled in a regional diplomatic spat. The trade is illustrative of a gradual return by investors to Qatari credits, said MTN bankers.

India’s Rural Electrification Corp is one of the few non-Chinese issuers laying the groundwork for a new dollar bond before the end of the year.

Skanska, the Swedish construction and property development company that is a leader in green building, has signed a €200m green revolving facility with four of its relationship banks.

On Thursday German telecoms company Deutsche Telekom sold its third bond with a 2024 maturity, while Italian state owned railway operator Ferrovie Dello Stato issued its first green bond.

Japan Bank for International Cooperation (JBIC) and a syndicate of lenders have provided a $2.73bn loan to finance the construction of a railway and upgrade a port in Mozambique, which will ensure the long term supply of coal to Japan from the African country.