Rabobank
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Ecom, the Swiss commodities trader, has sealed a $500m one year revolver after banks piled in, helping it raise $100m more than planned. -
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The palette of socially responsible investment bonds is expanding. Two borrowers made SRI debuts this week with a social inclusion bond and a sustainability bond, while a third has announced its intention to follow suit.
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A pair of European borrowers debuted socially responsible investment bonds on Monday, raising a combined €1.2bn, with one able to tighten its price by several basis points.
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The pressure is off FIG issuers to refinance old funding deals in 2017, after an unexpectedly heavy take-up in the fourth and final round of the European Central Bank’s targeted longer-term refinancing operations (TLTRO II). The focus has instead shifted to regulatory debt, and that’s all about picking the right spots and issuing strategically. Tyler Davies reports.
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A flurry of activity in the market for socially responsible investments shows no sign of letting up, with two borrowers set to make their debut next week and two more waiting in the wings.
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Rabobank, Bankinter, Jyske Bank and Helvetia all tightened pricing by at least 20bp for new tier two bonds, having decided Thursday offered the best window to market deals to investors.
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Telenet, the Belgian cable and telecoms company owned by Liberty Global, launched a €750m and $1bn term loan refinancing on Tuesday, just four months after signing the original facilities.
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With public sector borrowers having reached advanced stages in their annual funding programmes as the first quarter comes to a close, focus is shifting to socially responsible bonds.
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The socially responsible bond pipeline ballooned on Tuesday, with a European supranational announcing a roadshow for a debut issue, a French agency mandating for a deal and a Washington supranational pricing a social bond in benchmark size for the first time.
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Oil products storage and distribution firm Puma Energy is back in the loan market for a two-pronged $570m financing, to extend as well as replace some of its existing debt.
