ING

The Dutch part of Air France KLM has taken a €3.4bn bailout package from the Dutch government, which some analysts said includes the possibility for the state to increase its holding in the entire group.

A worsening in credit conditions has squeezed some borrowers across EMEA out of syndicated loans and into the bilateral market. As syndicated loans bankers face another year of disappointing figures, market players are split over whether this trend will leave a more permanent dent in volumes. Mariam Meskin and Jon Hay report.

European banks jumped into the US dollar market this week, with some issuers clocking up huge savings in the currency versus what their home markets could offer.

Europe’s high-grade corporate bond market had a lumpy week of issuance that petered out as the days went by. But there was a mixture of deal types for investors to snap up, including a rare chance to grab yield on a green bond.

Royal Bank of Scotland and ING were set on Wednesday to add to a recent run of dollar bond issuance from European banks, with some issuers having clocked up huge savings in the currency versus what their home markets can offer.

Singapore’s Keppel Infrastructure Trust and Cleantech Solar have raised S$700m ($502m) from a sustainability-linked loan and $75m from a green loan, respectively.

BBVA is the latest large European bank to have suffered a ratings downgrade during the Covid-19 pandemic, with Fitch having moved the issuer’s debt ratings down by a notch blaming a weaker operating environment in Mexico and Spain.

Europe’s high grade corporate bond market has started the week on the front foot, with a mixture of deal types for investors to snap up including a rare chance to grab yield on a green bond.

Steven van Rijswijk has been appointed the new chief executive of ING, after Ralph Hamers decided to join UBS. Van Rijswijk has worked his way up at ING, having worked in a number of roles in the investment bank.

Lenders to Wirecard, the embattled German payments company, will have to decide whether to call in its €1.75bn syndicated loan, after its auditor EY refused to sign off its 2019 accounts, which the company announced on Thursday, sending its share price into a spiral. Markus Braun, the company's CEO, resigned on Friday.

It was another scorching day in Europe’s high grade market on Wednesday following further central bank-created exuberance, as investors piled more than €55bn of orders into deals from across the spectrum of ratings and sectors.

State-owned Hungarian Development Bank (HDB) on Wednesday launched a euro-denominated benchmark bond. The bond marks the third entry into the market by the Hungarian sovereign or one of its entities during the coronavirus pandemic.