MUFG

Indonesia's Mitra Pinasthika Mustika Finance has returned to the international loan market, seeking a dual-currency $200m borrowing.

Inchcape, the UK car dealer, has amended and extended its bank debt, and senior loans bankers have come out in favour of this early refinancing structure, though it is reviled in some parts of the market.

National Thermal Power Corp (NTPC) has become the latest Indian corporation to tap the Samurai loan market, taking advantage of the cheap pricing and abundant liquidity on offer from Japanese banks.

Adira Dinamika Multi Finance has launched a $250m three year term loan into general syndication. The deal was led by five lenders.

The US corporate new issuance calendar took a breather on Thursday after clocking up its busiest week of the year with $30bn of supply in just three days. Borrowers remained on the sidelines as investors digested the supply onslaught that brought bulging order books and tight pricing.

Demand for corporate bonds is strong but it is at its strongest for green and hybrid debt, especially for deals that combine both qualities. On Tuesday, Spanish utility Iberdrola found similar demand for green hybrids to that which Engie and EDP had benefited from in January, and market participants are starting to revise their issuance forecasts for the asset class.

BFI Finance Indonesia has returned to the loan market for a $55m three year facility.

Harley Davidson made heavy weather of strong US bond market conditions on Thursday after a dovish Fed and a month-long rally in spreads appeared to set the dollar market up for a strong run of issuance in February.

High grade corporates are champing at the bit to access the dollar market as credit spreads continue to rally and investors continue to put money to work.

French hotel company Accor launched new hybrid and senior bond issues on Thursday after announcing the deals at the end of last week. The new deals finance tender offers for some of the company’s existing hybrid and senior notes.

Japanese banks are unlikely to enjoy any let-up from razor-thin net interest margins in 2019. This is worrying for their long-term sustainability, but it’s potentially a bonanza for DCM specialists in Europe and the US.

Following the success of Engie’s green hybrid bond the previous week, the French energy company’s Portuguese peer, EDP, launched its own version on Wednesday. While EDP’s deal did not achieve quite the same demand or tight pricing, the result was still a good one.