Rabobank
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The pressure is off FIG issuers to refinance old funding deals in 2017, after an unexpectedly heavy take-up in the fourth and final round of the European Central Bank’s targeted longer-term refinancing operations (TLTRO II). The focus has instead shifted to regulatory debt, and that’s all about picking the right spots and issuing strategically. Tyler Davies reports. -
A flurry of activity in the market for socially responsible investments shows no sign of letting up, with two borrowers set to make their debut next week and two more waiting in the wings.
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Rabobank, Bankinter, Jyske Bank and Helvetia all tightened pricing by at least 20bp for new tier two bonds, having decided Thursday offered the best window to market deals to investors.
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Telenet, the Belgian cable and telecoms company owned by Liberty Global, launched a €750m and $1bn term loan refinancing on Tuesday, just four months after signing the original facilities.
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With public sector borrowers having reached advanced stages in their annual funding programmes as the first quarter comes to a close, focus is shifting to socially responsible bonds.
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The socially responsible bond pipeline ballooned on Tuesday, with a European supranational announcing a roadshow for a debut issue, a French agency mandating for a deal and a Washington supranational pricing a social bond in benchmark size for the first time.
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Oil products storage and distribution firm Puma Energy is back in the loan market for a two-pronged $570m financing, to extend as well as replace some of its existing debt.
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Shares in Avantium, the Dutch renewable chemicals company, closed 3.6% higher on Wednesday after it made its debut on the Amsterdam and Brussels exchanges following the completion of its €103m IPO.
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Public sector borrowers will take a pause from primary this week as they dodge possible volatility during a week riddled with political and economic risk events in three major currencies.
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The €90m IPO of Avantium, the Dutch renewable chemicals company, was covered at its maximum size including the 15% greenshoe on Wednesday, less than three working days into the bookbuild.
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Swiss commodities trader Ecom is back in the market for a one year revolver, mandating four banks for the $400m borrowing.
