Natixis

Thursday is set to see the first senior unsecured supply of the week, with two euro deals expected to price in the afternoon. Sparebank 1 SR-Bank is selling a seven year benchmark while UniCredit is set to price a three year floater.

Puma Energy, the emerging markets-focused oil products firm, held a well attended bank meeting for its new refinancing loan facility on Wednesday.

Covered bond issuers from Canada, Sweden and Australia gathered together in March as participants in this GlobalCapital roundtable to discuss their markets. Borrowers still have plenty of issuance capacity but their plans for supply are likely to remain steady rather than spectacular over the foreseeable future. Issuers are conserving their covered pool collateral in case unsecured access becomes more constrained due to increased market volatility. Local currency issuance complements US dollar issuance, but for Australians and Canadians, the euro market offers more depth, especially at the long end of the curve. But for many issuers, and especially the Canadians, the cross-currency swap only became attractive in the summer of 2013. Fortunately, this coincided with local legislative programmes becoming operational. Australian, Canadian and Swedish covered bond issuers all benefit from solid senior ratings, stable real estate markets and they all present a great diversification tool. And, with a very limited amount of bonds outstanding in euros, investors have plenty of credit line availability.

Investors are keen for structured medium term notes from supranationals and agencies, but the deals are hard to source, according to MTN dealers.

Right Lane, a subsidiary of Chinese conglomerate Legend Holdings, has returned to the market for a bullet loan equivalent to $300m, managing to shave off more than 100bp in costs since its last fundraising.

The world’s largest pork processor WH Group, or formerly known as Shuanghui International, now has a record 28 banks working on its jumbo $5bn-$6bn IPO, according to bankers on the transaction.

Right Lane, a subsidiary of Chinese conglomerate Legend Holdings, has returned to the market for a bullet loan equivalent to $300m, managing to shave off more than 100bp in costs since its last fundraising.

Deutsche Pfandbriefbank (Pbb) returned to the covered bond market on Tuesday to issue a €500m five year benchmark. The book attracted over €1.1bn of demand, a stronger performance than the disappointing eight year benchmark that it priced in January.

Abengoa, the Spanish engineering and renewable power group, wants to issue €400m of seven year senior notes on Friday to prefund a 2015 bond maturity.

Hong Kong-listed Citic Pacific hit the market with a HK$8.8bn ($1.13bn) loan on the evening of March 17, with bankers on the transaction expecting a quick response from lenders considering the deal in syndication.

Ceva Sante Animale, the veterinary vaccines maker, expects to receive initial commitments to a €668m-equivalent term loan on Friday, as it seeks to refinance debt using an aggressive covenant-lite structure.

Hong Kong-listed Citic Pacific hit the market with a HK$8.8bn ($1.13bn) loan on the evening of March 17, with bankers on the transaction expecting a quick turnaround from lenders considering the deal in syndication.