BBVA

Redexis, the Spanish natural gas distribution company, is making its first step into sustainability-linked borrowing, while amending and extending its revolving credit facility.

Companies wanting to issue bonds in Europe this week will have to shoot their deals through narrow gaps between holidays, as Thursday is a holiday in several European countries, including France, Germany and the Netherlands.

Latin America bond bankers hope that more Mexican companies will look to sell new debt after Televisa clinched a tight price for its 30 year bond this week to wake up the country’s dormant primary market.

Triton International, a global shipping container firm based in Bermuda, has amended and extended a $1.25bn revolving credit facility, cutting its debt cost in the process.

Mexican media company Televisa returned to dollar bond markets after a three and a half year hiatus on Tuesday and was able to increase the size of a planned trade despite offering minimal concession.

Vodafone, the UK-based telecoms company, became on Tuesday the latest issuer to enter the green bond market for the first time, delivering on expectations raised when it published its Green Bond Framework last August. The €750m green note was the shortest of three tranches in a €2.5bn deal that drew €8bn of demand.

The Spanish region of Andalusia has sold three long dated bonds in the last week, marking its return to the MTN market after a six year absence.

Thursday’s corporate bond new issue action in Europe confirmed the picture presented on Wednesday: that investors were determined not to let macroeconomic issues bother them, and were piling into new issues. The day was less blemished than the previous one had been by volatility, enabling issuers to get some very tight spreads.

France’s Eiffage has doubled the size of its revolving credit line to €2bn, with the civil engineering construction company becoming the latest name to add social and environmental language to its loan documentation.

European corporate bond investors showed they were hungry for paper on Thursday, despite the gloom infecting equity markets this week about the prospect of a restart to the China-US trade war. A flurry of issuers came to the market, hot from roadshows, and got plenty of over-subscription while slashing their spreads by 20bp to 30bp.

The strength of corporate bond demand, after falls in stockmarkets engendered by the US's hardened stance on trade talks with China, will be tested in the US on Wednesday by a $20bn issue for IBM. In Europe, the test could come on Thursday, since a handful of issuers finished roadshows on Wednesday.

After a couple of slow weeks for corporate bond issuance in Europe, the pace quickened somewhat on Tuesday, with two €500m no-grow issues. One was from a familiar name - Carrefour, the French supermarket chain - the other from a new one, Samhällsbyggnadsbolaget i Norden, a Swedish residential property company founded only in 2016.