Rabobank

Dutch energy distributor Alliander announced plans for a new euro hybrid on Monday, alongside a tender offer for the company’s outstanding hybrid. The issuer’s ratings could allow it to set a new low for the product's pricing.

Rating: Aa1/AA+

Execution in the euro SSA market keeps getting better. New issue premiums are sliding as market participants adjust to new yield and spread levels, according to bankers and issuers.

The euro market, despite an increasingly hawkish central bank and strengthening euro, is proving immensely popular with borrowers. A pair of sovereigns hit screens on Monday for euro trades, as did two Nordic agencies.

The list of European leveraged loan deals for January is rapidly growing, with multi-billion offerings in euros, sterling and dollars as borrowers seek low margins. But some buyers believe the market is becoming too hot, too fast.

A $5.5bn senior secured loan to refinance China National Chemical Corp’s (ChemChina) outstanding debt has been launched into general syndication by 16 mandated lead arrangers and bookrunners.

Refresco’s $1.25bn acquisition of Cott’s drinks bottling business raises monopoly concerns, the UK Competition and Markets Authority (CMA) said this week. But market sources see a quick fix ahead.

Three bankers' jobs are understood to be at risk at Rabobank in London, including one experienced loans banker.

Dutch lawmakers have started working on legislation that will eventually allow the country’s banks to start issuing non-preferred senior bonds for the minimum requirement for own funds and eligible liabilities (MREL).

Cemex, Thomas Cook, Telenet and Lowen Play injected €1.7bn of bond offerings into a visible high yield issuance pipeline already populated with Pinewood and CeramTec this week.

Lead banks have scheduled a December date for the syndication of a €3bn equivalent multicurrency loan package that is supporting PAI and British Columbia Investment Management Corporation’s leveraged buyout of bottling company Refresco.

Europe's IPO market may be winding down, with only small, niche deals still being announced, but block trades are popping. This is likely to lead to a nail-biting finish in the league table race.