MUFG

Saudi Arabia is having a good week — finally allowing women to drive, albeit not until June 2018, and bookbuilding for a third jumbo international bond. But investors are praying the sovereign does not step on the accelerator too hard and leaves some spread on the table to ensure performance, after a poor week for EM new issues.

Mathias Noack, co-head of debt capital markets for EMEA at MUFG, has been appointed as Loan Market Association chairman by the board.

Volkswagen Leasing brought its second euro corporate bond deal of 2017 on Monday. The €2.25bn dual tranche offering took Volkswagen’s total issuance this year to €17.25bn. This is more than twice as much as General Electric, the next highest issuer by volume.

Saudi Arabia will return to the international capital markets this year and has named leads for a triple tranche conventional bond.

Engie, the French energy group, priced its second green bond transaction of 2017 on Tuesday. The triple trancher contained two green clips and took the issuer’s tally to six different green bonds. As issuers start to establish genuine green curves, they are starting to create their own sector, writes Nigel Owen.

The German pharmaceutical company, Stada, and the UK housebuilder, Miller Homes, both complete their high yield bond roadshows on Wednesday with the deals expected to follow before the end of the week.

Engie, the French energy utility, priced its second green bond transaction of 2017 on Tuesday. The middle tranche of its three tranche offering extended the issuer’s green bond curve, however the longest tranche was not sold as a green bond.

Swiss energy and commodities trader Mercuria is looking to raise $850m from a triple-tranche facility that was launched earlier this week.

Geopolitical tensions around North Korea did not close the primary debt market this week, as Hyundai Motor Group’s US arm snapped up $1bn from a triple-tranche deal and Kookmin Bank priced a $500m trade on Monday.

Mitsubishi UFJ Financial Group (MUFG) has set up a subsidiary in Amsterdam, giving it an option for its securities business once the UK leaves the EU.

KazMunayGas Kashagan (KMGK), one of the owners of the Kashagan oil field in Kazakhstan, has increased a five year secured oil prepayment loan facility to $2bn, to fund repayments to buyers under its production sharing agreement.

A chunky $4.108bn leveraged buyout financing, for the acquisition of Global Logistic Properties by a consortium of Chinese investors, has entered into general syndication.