Rabobank

Kernel, the Ukrainian grain and sunflower producer, has signed a $100m pre-export finance facility with a syndicate of European banks.

Rating: Aa1/AA-/AAA

The euro SSA market is returning to a more aggressive pace of issuance after a slackening in tempo last week. Two borrowers raised a combined €3bn on Wednesday and another pair are set to print on Thursday.

Spain’s first trip to the long end of the curve in almost two years met with an overwhelming response, as the sovereign received one of the largest books ever for a 30 year bond.

Turkish food giant Yıldız Holding has restructured the equivalent of $1bn in short term loans into one long term syndicated loan, as part of its efforts to facilitate its growth plans for this year.

The Council of Europe Development Bank (CEB) is planning to bring its second ever social inclusion bond in the spring, and has outlined to GlobalCapital the expected currency and tenor. The State of North Rhine-Westphalia also looks set to bring an SRI bond, after mandating banks on Wednesday for a roadshow.

Two weeks after rating agency S&P softened its stance on the early refinancing of hybrid instruments, Dutch energy distributor Alliander became the first issuer to take advantage when it sold a successful hybrid deal alongside a tender offer for a hybrid bond it issued just over four years ago.

ING said on Wednesday that the 'Basel IV' reforms could push up its risk-weighted asset base by 15%-18%. This might lead the bank to increase and front-load its TLAC issuance.

Rabobank has priced a Rmb500m ($79m) offshore renminbi bond, taking advantage of a favourable CNH cross-currency swap rate. But despite the gradual pick-up in dim sum activity, the market is divided over whether the asset class will maintain its momentum.

Rabobank returned to the covered bond market on Tuesday to issue the tightest €1bn-plus sized triple-A rated 10 year since the crisis.

Private equity firm 3i is taking advantage of bullish conditions in the leveraged loan market to launch its fifth dividend recapitalisation of Action, the Dutch non-food discount retailer it bought in 2011.

Following an investor call on Monday, Dutch energy distributor Alliander received overwhelming support on Tuesday for a new €500m hybrid bond issued alongside a tender offer for its existing €500m 3.25% hybrid. The final order book was more than €3.5bn.