MUFG

The return to health of the investment grade corporate bond market has been a path carefully trodden one step at a time. French electrical components manufacturer Schneider printed a successful nine year new issue on Wednesday, following corporate deals with eight and seven year tenors on the previous days of the week, but the lack of other supply surprised some bankers.

The pipeline of Indian loans is building up, with Housing Development Finance Corp and Kotak Mahindra Bank seeking new fundraisings.

The return to health of the investment grade corporate bond market has been a carefully trodden path, one step at a time. On Wednesday, French electrical components manufacturer Schneider printed a successful nine year new issue, following corporate deals with eight and seven year tenors on the previous days of the week.

The margins paid by Michigan utility CMS Energy on two revolving credit facilities totalling $1.4bn will, for the first time, be linked to its sustainability goals, as a result of amendments signed on June 5.

Sweden’s Lundin Petroleum has slashed 90bp off the margin of its $5bn reserves-based lending facility, as borrowers continue to heap pressure on lenders over pricing.

Indiabulls Housing Finance has made a quick return to the loan syndications market for a $200m borrowing.

State Bank of India has launched a new $750m three year borrowing into general syndication, about two months after mandating banks to run the transaction.

Sour trading conditions in the European primary market this week have raised concerns that banks will either have to pay up significantly if they want to press on with their funding plans, or they will have to put off their deals until after the summer break.

Keurig Green Mountain enjoyed the best of dollar bond market conditions as investors drank deep before a spike in US Treasury rates sent borrowers scurrying to the sidelines.

Foreign banks operating in the US could be allowed a more flexible funding structure, according to Randall Quarles, Federal Reserve vice-chairman for supervision. It could lower the cost of trapping liquidity and capital instruments in the intermediate holding companies (IHCs) they had to set up to keep operating in the US.

GlaxoSmithKline added to the crush of red hot dollar bond supply this week, as borrowers began a spring stampede to lock in funding ahead of a likely rate rise next month.

African Export-Import Bank is setting off on a dollar roadshow to market a benchmark, Reg S dollar bond with a tenor of five to seven years.