Rabobank
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Two weeks after rating agency S&P softened its stance on the early refinancing of hybrid instruments, Dutch energy distributor Alliander became the first issuer to take advantage when it sold a successful hybrid deal alongside a tender offer for a hybrid bond it issued just over four years ago. -
ING said on Wednesday that the 'Basel IV' reforms could push up its risk-weighted asset base by 15%-18%. This might lead the bank to increase and front-load its TLAC issuance.
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Rabobank has priced a Rmb500m ($79m) offshore renminbi bond, taking advantage of a favourable CNH cross-currency swap rate. But despite the gradual pick-up in dim sum activity, the market is divided over whether the asset class will maintain its momentum.
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Rabobank returned to the covered bond market on Tuesday to issue the tightest €1bn-plus sized triple-A rated 10 year since the crisis.
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Private equity firm 3i is taking advantage of bullish conditions in the leveraged loan market to launch its fifth dividend recapitalisation of Action, the Dutch non-food discount retailer it bought in 2011.
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Following an investor call on Monday, Dutch energy distributor Alliander received overwhelming support on Tuesday for a new €500m hybrid bond issued alongside a tender offer for its existing €500m 3.25% hybrid. The final order book was more than €3.5bn.
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Dutch energy distributor Alliander announced plans for a new euro hybrid on Monday, alongside a tender offer for the company’s outstanding hybrid. The issuer’s ratings could allow it to set a new low for the product's pricing.
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Execution in the euro SSA market keeps getting better. New issue premiums are sliding as market participants adjust to new yield and spread levels, according to bankers and issuers.
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The euro market, despite an increasingly hawkish central bank and strengthening euro, is proving immensely popular with borrowers. A pair of sovereigns hit screens on Monday for euro trades, as did two Nordic agencies.
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The list of European leveraged loan deals for January is rapidly growing, with multi-billion offerings in euros, sterling and dollars as borrowers seek low margins. But some buyers believe the market is becoming too hot, too fast.
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A $5.5bn senior secured loan to refinance China National Chemical Corp’s (ChemChina) outstanding debt has been launched into general syndication by 16 mandated lead arrangers and bookrunners.
