Sumitomo Mitsui Financial Group

United Overseas Bank achieved the tightest spread for a five year floating rate bank issue in Australian dollars in over 10 years this week, issuing A$750m ($532.0m) to prove that there is still demand at decade-low levels.

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.

Michelin, the French tyre maker, has signed a €2.5bn sustainability-linked revolving credit facility with a three year maturity, as loans bankers say the market has become more nuanced towards maturities since the onset of Covid-19 made many of them tighten terms.

Indonesian state-owned electricity company Perusahaan Listrik Negara has cancelled a $300m loan, after receiving a capital injection from the government.

With the Australia’s big domestic banks avoiding the capital markets thanks to excess liquidity and cheap central bank funding, Aussie dollar investors are searching for somewhere to park their excess cash – with foreign banks offering one way to pick up the slack.

Two Middle Eastern borrowers are tapping the Asian loan market as part of a new syndication strategy, taking advantage of the slow primary supply in Asia.

Banque Fédérative du Crédit Mutuel made its annual visit to the Samurai bond market this week, raising ¥63.6bn ($600m) across three tranches in a senior preferred format.

Indian conglomerate Reliance Industries has made a quick return to the loan market, raising a $1bn facility to refinance a bond maturing later this month.

International SOS, a Singapore-based emergency medical assistance provider, is making its debut in the syndicated loan market for $320m.

ONGC Videsh (OVL), the overseas arm of India’s state-owned Oil and Natural Gas Corp, has picked six banks for a $700m borrowing.

Hungarian oil and gas company Mol on Thursday raised a seven year bond in euros.

Export-Import Bank of India has closed the syndication of a $500m loan after securing eight banks.