UBS

ING is set to leap into the post-Easter market for its first additional tier one deal, looking to add to a recent hot streak for subordinated paper.

Swiss travel operator Dufry is set to launch around €1.5bn of loans and bonds backing its €3.6bn acquisition of World Duty Free after the Easter weekend.

The post-Easter deal pipeline began to fill on Wednesday, with ING mandating banks to arrange investor meetings ahead of its debut additional tier one trade.

At the end of a very busy quarter of block trades, business continues – despite the approach of Easter holidays. Tonight, UniCredit won an auction to sell 10.5% of Jenoptik, the German optical systems company, while during the day Goldman Sachs placed £164m of stock in Aviva.

Dufry, the Swiss travel retail operator, will look to raise at least Sfr2.2bn (€2.1bn) from a rights issue funding its takeover of World Duty Free, over half of which is secured by three cornerstone investors.

Dufry, the Swiss travel retail operator, is assessing which capital markets to use to finance its €3.6bn cash acquisition of World Duty Free, announced this morning.

Standard Chartered has successfully sold its first AT1 bond though a less investor-friendly structure meant it was forced to pay up compared to a recent deal from rival HSBC. But investors were undeterred as the bond managed to attract a $22bn order book – the largest ever for a single tranche AT1 bond, say bankers.

Singaporean investment holding company Gallant Venture made its second outing in the Singapore dollar market this year, raised S$175m ($127.8m) from a three year bond offering on March 26 following a January appearance.

UBS made an eye-catching swoop on the dollar market, but a flurry of issuance by European FIG borrowers failed to rescue a lacklustre first quarter.

HSBC's additional tier one bond, sold this week, included a feature that helps insulate issuers from secondary market volatility, and which bankers say is destined to become broadly used in the asset class, writes Graham Bippart.

Gategroup, the Swiss airline services provider, has signed a €240m revolving credit facility that it will use to replace an older revolver and partially redeem a bond.

Diesel engine component maker Asimco is said to have revised terms for its $120m refinancing loan, providing banks with more security and changing the loan purpose to allow lenders to get through their credit process more easily.