Santander

The short end of the euro curve is becoming the new sweet spot for public sector borrowers, according to SSA bankers, despite the deeply negative yields in these maturities. The European Stability Mechanism (ESM), Instituto de Crédito Oficial (Ico) and Investitionsbank Berlin (IBB) are all enjoying strong outings with three or five year tenors this week.

The UK Treasury’s decision to raise the cost of borrowing for local authorities has caused quite a stir in private placement markets, as players realise institutional investors are prepared to offer debt at more attractive rates than the Public Works Loan Board (PWLB). But the more adventurous local authorities may find capital markets a tougher pitch to play on, writes Silas Brown.

Prosus gets JP Morgan loan for £4.9bn Just Eat order - GoCo switches to bigger loan deal - Schroders adds ESG targets to revolver - AerCap secures revolving debt until 2024 - Nottingham set to be third UK university to sell US PP notes this year

AerCap Holdings has amended and extended its revolving credit facility, with the Dutch aircraft leasing company bumping up the size of the deal to $4bn and stretching out the maturity.

Instituto de Crédito Oficial (Ico) and Investitionsbank Berlin (IBB) found strong demand in the short end of the euro curve on Wednesday, which SSA bankers are calling the new sweet spot, despite the deeply negative yields.

Instituto de Crédito Oficial (Ico) held investor calls on Tuesday ahead of its return to the social bond market to complete its funding needs for the year.

The stars aligned for French drink company Pernod Ricard’s return to the bond market, with the issuer printing flat to its curve, or even through it by some estimates, in its first outing since being upgraded by two credit rating agencies.

UK motion picture visual effects company DNEG is pushing ahead with its IPO on the London Stock Exchange, having formally confirmed its intention to float on Tuesday.

France’s Pernod Ricard is in the market on Monday for a €1.5bn trade, with the drinks company striking while the iron is hot to print debt after being upgraded by two agencies last week.

Credito Emiliano continued an Italian bank bond spree on Friday, choosing a quiet day to market a debut non-preferred senior bond. The deal comes one day after Banca del Mezzogiorno priced a social bond.

High grade corporate borrowers were quick out of the traps on Monday, cramming in before the blackout period to raise around €5bn-equivalent of bond funding from order books many multiples of that.

Anglo-Australian firm BHP Group has trimmed down the size of its revolving credit facility, with the mining and extraction multinational agreeing a $5.25bn deal with lenders.