Rabobank

Investors flocked to Indian credits on Thursday, as UPL Corp and Muthoot Finance sealed new dollar bonds in a busy market.

ING left its investors bemused on Wednesday, when it decided to pull the additional tier one (AT1) bond it was marketing on the basis of undisclosed information it had received. After the news of its chief executive’s move to UBS quickly became public, the door was left open for the bank to complete the trade.

Intesa Sanpaolo chose to split an additional tier one (AT1) deal into two tranches on Thursday, with one eye on the secondary performance of the bonds and the other on the maturity profile of its debt capital stock.

International bond volumes from India so far this year have almost doubled from the same period in 2019, showing the strength of the country’s issuers as they continue to emerge from a turbulent period. Debt bankers are optimistic that India is set for a strong 2020, writes Morgan Davis.

Relx Finance, the funding arm of UK specialist publisher Relx, has hired banks to arrange a roadshow for a triple tranche bond sale, with maturities out as far as 12 years.

Banca IFIS sold a senior bond this week, as Italian bank bond spreads rallied following Intesa Sanpaolo’s takeover bid for UBI Banca.

Trans Retail Indonesia has caused a stir by deciding to structure its new syndicated loan with a relatively rare two-stage participation fee payment. Although not all banks will be wholeheartedly on board, the borrower’s move is savvy under the circumstances.

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.

UK soft drinks maker Britvic has signed its first sustainability-linked financing, joining a growing trend of companies offering to charity any margin benefit they gain on the loans hitting targets.

Trans Retail Indonesia, also known as Carrefour Indonesia, has returned to the loan market for a $740m-equivalent dual-currency deal. It features an unusual fee structure that has left many bankers scratching their heads, writes Pan Yue.

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.

Near-perfect market conditions could lure European banks back into the capital markets quickly this month, even though the sector has just come through its busiest January in close to a decade.