Rabobank

A handful of borrowers have been forced to close smaller loans than expected recently amid waning interest from lenders. While bankers insist there is still plenty of liquidity, debut credits and infrequent borrowers are feeling the pinch in the pandemic. Pan Yue reports.

Singapore-based FKS Food & Agriculture has closed a $255m-equivalent dual currency deal with eight lenders.

Chinese pork producer Muyuan Foods saw lukewarm appetite among banks for its debut syndicated loan, which was closed at a smaller size of $140m.

The Dutch arm of Air France-KLM staved off what looked like certain collapse this week, with the company negotiating a deal with a pilot’s union to put a vital €3.4bn government bailout back on course.

The Dutch arm of Air France-KLM has negotiated a deal with the country's pilot’s union, putting a vital €3.4bn government bailout back on course.

Moody’s gave Deutsche Bank a ‘stable’ outlook for its ratings this week, helping the issuer feel more positive about its funding costs.

Rabobank intends to make an exceptional distribution on its equity-like Certificates and will avoid breaching the European Central Bank’s dividend ban by paying its investors in more Certificates rather than in cash.

Tesco, the UK grocer, has refinanced its sterling facility with a £2.5bn sustainability-linked deal that uses risk-free rates as a benchmark, as companies try to get to grips with the end of Libor.

Rating: Aa1/AA/AAA

Crédit Agricole and Nykredit Realkredit were able to push aggressively on pricing in the additional tier one (AT1) market this week, as they took advantage of favourable supply and demand dynamics.

Nykredit Realkredit was set to launch its first additional tier one (AT1) in over five years on Tuesday, tightening its pricing by more than 50bp to close in on a level that looked close to fair value.

Green, social and sustainable issuance has dominated the supranational and agency bond market for a whole month, consistently outpacing conventional supply. That trend looks set to continue with three SRI deals already on screens.