Santander

Soltec Power Holding, the Spanish maker of solar trackers for renewable energy generation, has narrowed the price range for its IPO on the Spanish Stock Exchange, after the deal was covered shortly after the launch of bookbuilding earlier this week.

Bunzl, the distribution and services company, topped off a strong few days by printing a £400m from bulging order books a week after announcing growth in its third quarter trading statement.

A pair of banks made opportunistic moves into a euro market buoyed by positive headlines around a potential US stimulus bill on Wednesday. France’s Crédit Mutuel Arkéa and Japan’s Sumitomo Mitsui Financial Group each tapped for senior paper, raising €500m a piece.

Criteria Caixa is sounding out investors for a new seven year unsecured euro bond: its first at this tenor in over five years.

Swiss duty free operator Dufry has finished its Sfr820m at-market rights issue, which has enabled Advent International and Chinese e-commerce firm to take large strategic stakes in the company.

FIG borrowers may be well funded, but rates are low and market conditions are good enough to support opportunistic issuance — as was shown this week by a slate of deals across the capital structure. Given a volatile end to 2020 is likely, issuers will need to stay alert and take advantage of funding windows as they arise, write Frank Jackman and Bill Thornhill.

Aveva, the UK software company, has completed another round of loan financing linked to its $5bn purchase of US industrial software company OSIsoft, with the acquisitive firm taking a sterling revolver but scrapping a planned $900m loan.

Tesco, the UK grocer, has refinanced its sterling facility with a £2.5bn sustainability-linked deal that uses risk-free rates as a benchmark, as companies try to get to grips with the end of Libor.

Crédit Agricole and Nykredit Realkredit were able to push aggressively on pricing in the additional tier one (AT1) market this week, as they took advantage of favourable supply and demand dynamics.

Dürr, the unrated German mechanical and plant engineering firm, is guiding investors on its final day of marketing towards it issuing a €250m bond with a yield aligned to issuers in the double-B ratings bracket.

Eni, the Italian oil and gas company, got blowout demand for its debut hybrid capital issue on Tuesday, as yield-hungry investors pumped about €14bn of orders into the dual tranche trade.

Risk appetite has returned to the high grade corporate bond market, with UK airport Heathrow and US drinks firm PepsiCo managing to move spreads by around 45bp during execution.