Santander

Galaxy Pipeline Assets, the group of international investors that provided Abu Dhabi National Oil Company (Adnoc) with $10bn in a pipeline partnership deal last year, has re-entered debt capital markets just months after it sold what some involved in the deal claimed was one of the biggest project bonds ever.

Telecoms firm Telefónica and utility Iberdrola showed the depth of demand for green hybrids this week, with both Spanish companies building large order books.

Whitbread, the UK hotel and pub company, enjoyed roaring demand for its debut green bond on Wednesday, as it managed to convince investors that it can plan for life after lockdowns.

Iberdrola, the Spanish utility, received booming demand for its green hybrid on Tuesday, as the combination of a higher yield and green debt helped books swell to €9.5bn.

CaixaBank found €3.7bn of demand for a green senior bond on Tuesday, as investors revealed their hunger for new paper. BayernLB could follow with a green deal of its own against the improving backdrop in euros.

Whitbread, the UK hospitality group, has mandated banks for a debut green trade, setting up a pricing battle between a red hot bond structure and a Covid-19 battered sector.

The UK Debt Management Office has picked the banks to lead the launch of a new long-dated index-linked Gilt, which will be the final syndicated transaction of its 2020/21 financial year.

Europe’s corporate bond investors had the chance to pick up some paper from the riskier end of their credit spectrum as the week began, with Portuguese power company Energias de Portugal (EDP) and Swedish housing firm Heimstaden Bostad out with hybrid capital issues.

Flex, the US-Singapore electronic component maker, has signed a $2bn revolving credit facility, in what leads are describing as the first ESG-linked syndicated revolving credit facility for the US technology sector.

G.Network Communications, the London-centric broadband provider, has signed loans totalling £229m, with the company planning a £1bn investment programme into the UK capital.

DZ Hyp is preparing to print its first covered bond of the year. The deal could be launched as soon as Monday, which would allow the German lender to get its business done ahead of an expected EU deal for the Support to Mitigate Unemployment Risks in an Emergency (SURE) programme.

Companies in the same sector often copy each other, but this year's string of bond issues by aircraft lessors has been exceptional, and is prompted by the sector's credit rehabilitation. Air Lease Corp took the recovery past a new milestone this week.