ING
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The sustainability linked loan market hit two milestones this week with Anheuser-Busch InBev, the world’s biggest brewer, signing the largest ever revolver in the structure, and Carlyle Group making a similar claim for the US private equity market.
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Anheuser-Bush InBev, the world largest brewing company, has signed a $10.1bn deal, in what the company is claiming is the largest sustainability-linked revolving credit facility ever.
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ING executed a large sterling deal this week, choosing the green format for its new senior issue from the holding company.
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UBS and Santander Consumer Finance found a combined €8.15bn of demand across the senior curve on Monday, printing deals between five and twelve years in tenor. With market conditions good, bankers expect more deals to follow.
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Europe’s high grade bond investors showed they are still willing to swallow ultra-thin spreads on Monday, when Dutch leasing company LeasePlan priced a green bond well inside fair value and Deutsche Boerse won ample demand for a thinly priced €1bn deal.
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Mercuria has launched a US private placement deal, according to market sources. The privately-owned Swiss commodity trader is the third company to enter the PP market from Europe this year.
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Snam, the Italian gas pipeline company, and SKF, the Swedish ball bearing maker, kicked the week’s corporate bond new issuance off in Europe on Monday with deals that offered razor-thin spreads from the start.
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CTP, the Dutch logistics real estate company, did away with its usual bond marketing routine and went with a one day execution on its latest deal on Thursday, as the company reckoned on the green label and the sector it operates in being enough to get investors on board.
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SpareBank 1 SMN’s second green bond, priced on Thursday, is set to spark a flurry of similar green deals as issuers try and take advantage of the demand on offer for labelled debt — even at near-term tights.
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Norway’s Sparebank 1 SMN is set to return with its second green bond in the coming days, becoming the third Nordic issuer to tap the public market this year.
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Deutsche Bank attracted more than €7.5bn of demand for two tranches of non-preferred senior debt on Monday, as investors showed strong support for the credit following a positive set of results for 2020.
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Prologis, the US logistics real estate investment trust, and unrated French telecoms company Iliad showed the range of corporate deals on offer this week, with investors pouncing on both trades.