Rabobank

The much sought after trend for green bonds to outperform conventional paper in secondary trading is now a reality, according to public sector borrowers — but perhaps only for those with enough dots on their green curves to provide a comparison.

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

The Cover and GlobalCapital held the annual Covered Bond Awards Dinner on Thursday night at Casa Llotja de Mar in Barcelona, celebrating the best performers in the market.

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.

US chicken processor Pilgrim’s Pride Corp plans to fund its £1bn buyout of UK peer Moy Park with cash in hand, an extension of its term loans, and a new debt issue to repay a JBS subordinated note.

Two hundred delegates gathered in Amsterdam on Tuesday September 5 for Euromoney Conferences’ fifth Sustainable and Responsible Capital Markets Forum. For the second time, it was organised jointly with GlobalCapital.

China Modern Dairy, which prepaid an old syndicated loan early last year, is back for a $300m three year offshore borrowing.

Two levfin issuers, Sebia and Refresco, this week added €3bn to an already large pipeline of euro and dollar-denominated leveraged loans being touted around a bustling European market. But some bankers are fretting that underwriters face little room for mistakes if pricing widens.

Praesidiad, a Belgian perimeter security company, launched the term loan for its acquisition by private equity firm Carlyle on Monday, in what was a busy week for the market. More than €2.5bn of loan deals have been launched in the past four days.

The European leveraged finance market is set to contend with loan deals approaching €4bn for the start of September. Over half of that is for the German pharmaceutical firm Stada — a deal that could help make funding more expensive for everyone else, writes Victor Jimenez.

Rabobank’s global head of long term funding, Sjaak-Jan Baars speaks to GlobalCapital about the benefits of covered bond funding, the bank’s expected frequency in the market, the outlook for spreads and prospects for green bonds.

Over the past five years, banks, regulators and creditors have come to agree on the characteristics of a set of debt capital instruments that, at least in theory, work well for all of them. But recently investment bankers have started to wonder whether or not different structures could do more for the industry. Bank capital could well be on the cusp of yet another shake-up, writes Tyler Davies.