Rabobank

Kernel, the Ukrainian powerhouse producer of sunflower oil and agricultural products, has boosted and extended its $200m pre-export revolving credit facility.

This week the Netherlands took a major step towards becoming the latest European country to introduce a law enabling banks to issue senior non-preferred debt. And earlier this month the UK government closed a consultation for its own law to introduce the instrument.

Public sector bond market participants are growing increasingly frustrated at the pace of the implementation of Ester, the alternative euro risk-free rate to replace Euribor. Borrowers are unable to plan for, let alone issue, a bond linked to the benchmark without the rate being published by the European Central Bank. That leaves the euro far behind other markets where Libor is being replaced, writes Burhan Khadbai.

India’s UPL Corp has launched a $3bn five year term loan into general syndication to support its acquisition of Arysta LifeScience.

Rabobank has made an internal appointment to replace its head of FIG and SSA debt capital markets.

Energy and commodities trader Mercuria is back in the loan market for its annual fundraising, seeking a $1.1bn multi-tranche borrowing.

Rabobank and Bank of Ireland turned to the dollar market this week to issue senior bonds meeting their minimum requirements for own funds and eligible liabilities (MREL), after both did their first deals in the new format on the same day last month.

Investors were queuing up to buy Bankia’s latest additional tier one transaction on Monday, as the Spanish bank reopened the subordinated bond market for Southern European borrowers.

Dutch grid operator Stedin and French utility Suez offered investors more of the same when they tapped into what has been strong demand for longer dated corporate bonds on the same day, but found that appetite is starting to wane.

Rating: Aa3/A+/AA-

Rabobank stole the limelight in the FIG market on Tuesday with its €1bn additional tier one deal, which was close to five times subscribed. It demonstrated that demand is still there for the high beta product, and Credit Suisse looked to follow up on Wednesday with a dollar-denominated AT1.

On Tuesday Rabobank attracted more than 300 accounts to the first benchmark-sized euro additional tier one (AT1) bond since April, as it looked to refinance legacy tier one debt that reaches a call date next year. It was also the first Dutch financial institution to issue tier one since the government proposed to change the tax law on coupon distributions.