Rabobank

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.

Rotterdam-headquartered drinks bottle maker Refresco is set to issue over €2bn-equivalent of loans following its $1.25bn acquisition of US drinks firm Cott’s bottling business.

China Shengmu Organic Milk opened syndication for a Rabobank-led $100m three year financing last week, returning to the loan market after an absence of about one and a half years.

Hong Kong-listed China Shengmu Organic Milk is set to make a comeback to the loans market about a year and a half after its last visit, as lenders remain wary about the company’s industry.

Bright Food launched a three year euro bond in Asia on Tuesday, setting initial guidance at 140bp over mid-swaps. The Chinese food and drink producer had roadshowed for a three or five year issue in Asia and Europe last week.

Bank Nederlandse Gemeenten (BNG) launched a three year dollar floater on Thursday, pricing at what one of the leads said was flat to the issuer’s curve, deftly navigating a tricky week for dollar borrowing.

The European high yield bond market welcomed a bursting deal pipeline this week, leaving behind last week’s sabre rattling between investors and issuers.

Rabobank set a tight final spread on an ordinary senior unsecured bond on Thursday, having given investors a rare opportunity to buy five year paper out of the Netherlands.

Buyers considering Klöckner Pentaplast’s €1.6bn loan and Manutencoop's high yield bonds forced the issuers to sweeten terms this week, in a now rare sight in the leveraged finance market.

Ghana Cocoa Board held a successful roadshow in London on Friday for its annual cocoa harvest loan financing, according to a banker on the deal.

Kepler Cheuvreux has welcomed Swedbank into its European ECM fold as it continues to face off against global investment banks. It has created a model that is tough for others to replicate, writes David Rothnie.

A syndicated loan for Gunvor Singapore has been allotted, with more than 20 banks joining the mandated lead arrangers and bookrunners at the end of general syndication.