Natixis

Belfius Bank and Santander found strong support among bank treasury investors in the euro market this week, helping them to print new preferred senior deals at very low yields.

CaixaBank and BayernLB were able to sail through fair value with green non-preferred senior deals this week, bucking a trend for rising new issue premiums in 2021. Bankers say a lack of supply is finally helping borrowers to exert more power over their pricing.

Iliad, the unrated French telecoms company, attracted ample demand and twice increased the expected size of its bond during bookbuilding on Thursday, as syndicate bankers say the European corporate market is wide open to all types of issuer.

Banco Santander has followed Belfius Bank in launching a very successful new seven year bond this week, as bank treasury accounts lend their support to low yielding preferred senior paper.

Iberdrola, the Spanish utility, received booming demand for its green hybrid on Tuesday, as the combination of a higher yield and green debt helped books swell to €9.5bn.

CaixaBank found €3.7bn of demand for a green senior bond on Tuesday, as investors revealed their hunger for new paper. BayernLB could follow with a green deal of its own against the improving backdrop in euros.

Met Group, the Swiss energy trading company, has signed €915m of short term loans, reducing its facility for the first time for years, after ABN Amro, one of its main lenders, pulled out of this kind of financing. Met found two other banks to replace ABN but wanted to focus on price with the deal, rather than size.

In a rare sign that environmental campaigners are having an impact on the financial industry, the burden of financing the Ecuadorian Amazon oil trade has shifted between banks in the past six months. But it is clear the banking industry is supporting the trade in more ways than have yet been uncovered.

Iceland was awash with demand in the euro market on Thursday, allowing it to comfortably sell its biggest bond in euros since 2014. But it was a far different outcome for the Joint Laender, which failed to achieve full subscription.

Chinese conglomerate Fosun International has cut pricing on a new $560m-equivalent multi-currency loan, as it counts on banks’ hunger to lend amid slow deal flow to push its transaction past the finish line.

Altitude Infrastructure, the French telecoms company, has signed a €266m credit facility, which it will use for two fibre optic networks.

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