Rabobank

Bank debt investors have calmed their nerves about the possibility that Dutch banks will call their additional tier ones at par, following a government proposal to tax the interest paid on the instruments.

Dutch residential property company Vesteda offered euro corporate bond investors the first deal of July on Tuesday when it sold a €500m eight year trade to help refinance its acquisition of the Amstel Tower apartment block in Amsterdam.

The Dutch government is planning to get rid of tax deductions for coupons on the tier one securities issued by banks and insurers, after the European Commission said that their tax treatment could raise state aid concerns.

Dutch food and biochemical company Corbion has refinanced its revolving facility with a five year loan with an interest rate linked to the company’s year-on-year sustainability performance.

American agricultural equipment firm AGCO has launched a Schuldschein transaction, following in the footsteps of Sherwin Williams and Wabco.

Ghana Coco Board (Cocobod) has closed the senior syndication of its $1.3bn one year annual pre-export finance facility, with a bank meeting due to be held on Monday, June 25.

It is a mark of how far the market has come from a barren week at the end of May that not just one, but three deals, totalling €2.75bn, were priced on Friday. The European Central Bank meeting and the expectation of a deal from German pharmaceuticals company Bayer played their part in the issuers’ decisions on timing and the order books justified those choices.

The world’s largest salmon producer, Marine Harvest, sold the Nordic fish farming industry’s first bond for five years last week and as the industry scales up sources say a wave of issuance from the sector could be on the way.

UK waste management company Renewi has amended and extended its main bank debt to convert it into a €550m green loan, just months after bankers said this market was due to grow following the release of standardised guidelines.

The movement to create free investment benchmarks to support the Sustainable Development Goals is gathering pace, with the launch this week of a major survey of corporate human rights performance.

BMW Finance had to negotiate its way through a busy corporate bond market on Monday as it sold a €1.75bn 4.5 and eight year dual tranche offering. It had to pay new issue premiums of around 8bp-10bp but saw strong demand.

Two issuers with double-B ratings, Darling Ingredients and Avast, achieved substantial financial cost savings with repricings this week, as pricing for top rated paper still looked attractive despite a recent uptick in spreads.