Santander

The dollar bond market is wide open for companies to take advantage of strong demand and a rally in spreads, boosting hopes for a busy end to a record year for investment grade issuance.

Grand City Properties, a German real estate company, opened books on a hybrid trade on Thursday, leaving some corners of the market surprised that investors would still be open to taking on high beta assets this late in the year.

The UK’s SSE Renewables and Norway’s Equinor, two energy companies, have signed what lenders say is the largest ever offshore wind project financing, a £5.5bn package for a wind farm off the UK coast.

CPI Property, the Frankfurt listed property owner, has signed a new €700m revolving credit facility, bumping up the size of its main bank line as lenders say liquidity is still a focus for corporates.

CNH Industrial, the US-Italian agricultural and construction machinery maker, cruised through the bond market on Tuesday, as bond bankers puzzled over whether the Thanksgiving holiday in the US on Thursday means this will be a short week for issuance.

The UK Municipal Bonds Agency is set to come to market for its third bond ever — this time, on behalf of Warrington Borough Council.

Small transactions reached big audiences in the financial institutions bond market this week, as investors realised they would need to consider buying sub-benchmark supply in order to make the most of a dwindling deal pipeline. Tyler Davies and Frank Jackman report.

French companies Schneider Electric and LafargeHolcim pushed the fledgling sustainability-linked bond asset class to new levels this week, helping quell vocal concerns from some investors that having an unspecified use of proceeds means the structure has no place in ESG portfolios, write Mike Turner and Aidan Gregory.

Rating: Baa1/BBB/BBB-

Engie, the French electricity and gas company, and UK transport firm National Express enjoyed bumper demand for hybrid capital issues on Thursday, as some market participants argued the coronavirus pandemic had changed the way hybrids are seen by issuers.

Orbit Capital, the UK housing association, had its £300m November 2038 bond issue more than five times subscribed on Tuesday, as more borrowers line up trades in a rip-roaring week for new corporate bond issuance in Europe.

Gategroup, the Swiss airline hospitality company, has negotiated with lenders to extend the maturity on its syndicated loan facilities as part of a major debt restructuring for the Covid-battered firm.