KfW
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Sovcomflot, the Russian shipping company, has signed a 10 year loan facility with three international lenders. Russian syndicated loan volumes remain low, but Sovcomflot is widely regarded by bankers as one of the stronger and more established Russian borrowers. -
The arrangers of Reliance Industries’ debut Schuldschein have sent investors a statement saying that though the oversubscribed order books closed on Monday, they have extended the timetable for settlement to allow some investors “additional time to firm up their orders”.
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This week's funding scorecard looks at the progress of Europe's supranationals and agencies at the end of April.
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The sterling market came alive this week, with three issuers raising their heads above the parapet after a few slow weeks in the currency.
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KfW and SFIL printed $4.25bn of debt on Tuesday, with both deals looking as if they paid a few basis points over fair value. That marks a return to new issue premiums in the dollar market for sovereigns, supranationals and agencies.
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The sovereigns, supranational and agency market poured into dollars on Monday with two issuers announcing price thoughts for deals and a third potentially due on screens after investor meetings.
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KFW and Bank Nederlandse Gemeenten (BNG) were able to come flat or just through the curve with their long-end trades in the euro public sector market this week.
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Public sector borrowers are taking advantage of the European Central Bank’s accommodative stance on rates by issuing bonds at the long end of the euro curve.
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Arrangers of Reliance Industries’ debut Schuldschein have sent investors a statement saying that demand “considerably exceeds the initial volume” target of €150m. The success of the transaction came as a surprise to some of the arrangers’ competitors, but is considered a good sign for the market.
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The African Development Bank’s inaugural Norwegian krone bond, the first ever social bond in the Norwegian market, could pave the way for further social issuance in the sector.
