ING

A lack of credible internal candidates and a desire for stability across its divisions led UBS to cast the net wider to find a successor to chief executive Sergio Ermotti. It has appointed ING CEO Ralph Hamers.

Renewable energy company Vena Energy stumped Asian investors with its debut bond sale on Wednesday, relying instead on heavy support from Europe.

ING Groep postponed the sale of an additional tier one after clocking up $11bn of demand in the dollar market on Wednesday. At the same time, Arion Bank was looking to launch a $100m deal in the same format — the lowest volume on record in dollars.

US companies piled into the euro bond market on Tuesday, as white goods maker Whirlpool, Dow Chemical and apparel company VF Corp launched medium to long maturity debt.

ASML Holding, the Dutch lithography systems company, visited the euro bond market on Monday, as the bid for corporate credit remains strong, heading towards a March that is expected to be very busy.

Bank of America signalled the last hurrah of post-earnings supply by Wall Street heavyweights when it hit the market on Monday with a $5bn bond.

The UK’s Gerald Group has signed its annual dollar revolving credit facility, with the metals trader growing the size of its banking group and increasing the size of its deal to $253.5m.

High grade corporate bond investors in Europe will have a range of names to pick from in the coming days, as US white goods maker Whirlpool mandates for euros and UK utility Welsh Water hires banks for a dual tranche sterling deal.

Marel, the Icelandic company that makes food processing equipment, has signed a €700m revolving credit facility, becoming the latest investment grade borrower to switch its bank debt to a sustainability-linked structure.

The Republic of Poland has printed €1.5bn 0% 2025s on Monday, selling the deal at 100.512 to give the first ever negative yield in euros — minus 0.102% — from any global EM issuer.

The Republic of Poland pulled in €6bn of orders for a five year benchmark bond on Monday, with the issue four times covered as coronavirus fear still ripped financial markets.

New dynamics are appearing in the sustainability-linked loan market, as the product balloons and banks prepare for more intense scrutiny of their green lending activities. The trends highlight how unformed and confusing this young market still is, writes Jon Hay.