Rabobank

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.

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.

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.

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.

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.

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.

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.

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.

Swiss commodities trader Ecom is back in the market for a one year revolver, mandating four banks for the $400m borrowing.

Finnish technology company Nokia is set to become the first European company to issue a euro high yield bond for four weeks. Meanwhile, UK food producer Bakkavor will repay all its notes.

A number of financial institutions have distanced themselves from the primary market for additional tier one (AT1) bonds this week, but there is no doubting that the asset class has been on fire in 2017. It is only a matter of time before supply restarts, and Spanish banks will be first in line, writes Tyler Davies.

Silgan Holdings, a maker of consumer goods packaging in the US, this week priced the first cross-border high yield deal of 2017 as it plans to repay term loans.