ING

London-listed Russian steel firm Evraz has raised a syndicated loan with lenders honouring the pricing terms agreed before the outbreak of coronavirus that has wreaked havoc in markets.

A string of well rated companies are preparing to issue bonds in the coming days, as syndicate desks are heartened by the continued ample demand from investors. Anheuser-Busch InBev, Volkswagen Financial Services and Thermo Fisher Scientific raised a total of €7.85bn in euros today, despite a rocky market.

Market participants are debating whether the risks to additional tier one coupons have risen or fallen after the European Central Bank urged banks not to pay equity dividends for at least six months.

Bank of America reopened the market for financial institution bonds in euros this week and was followed by a slew of other deals as investors welcomed wider spreads and new issue concessions.

A trio of UK companies drew down on their revolving credit facilities this week, as firms in the country build up their cash piles despite an unprecedented financial support package from the government.

The Eurogroup made no progress towards creating a common EU debt instrument on Tuesday night, but member states will be able to fund their responses to the coronavirus crisis through a new credit line with the European Stability Mechanism.

European banks are steering well clear of new issue markets during the coronavirus pandemic, avoiding having to call on investors for funding by taking advantage of attractive central bank funding schemes.

Aareal Bank has become the latest European financial institution to extend the life of an additional tier one instrument, as turbulent market conditions make it harder for banks to decide how to manage their capital structures.

Siberian Coal Energy Co (Suek) is seeking financing from lenders, according to two market sources. The borrower is braving lenders' wariness about coal companies, which last year weighed on demand for a Suek loan, and the global volatility caused by the spread of the Covid-19 virus.

Germany's Covestro and the UK's 3i have both signed new revolving credit facilities with terms that were agreed before the Covid-19 pandemic sent markets plunging, but lenders said that new deals will have far higher margins.

ING Groep said on Monday that it would redeem a pair of perpetual capital instruments, including an additional tier one bond, after deciding the move would be in its economic interest.

This week, it was the best of times, it was the worst of times – and despite volatility caused by the spread of the Covid-19, a trickle of MTN issuance has managed to slip through into the market.