Santander
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Grosvenor Group, the UK property company, has signed a £1.1bn-equivalent sustainability linked revolving credit facility, while taking the unusual step of not formulating complete key performance indicators before signing. -
Santander has hired Abraham Douek from Citi to lead its coverage of financial institution and SSA clients within debt capital markets.
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HICL Infrastructure and JLEN Environmental Assets, two London-listed infrastructure funds, this week signed ESG-linked loans that use Sonia instead of Libor. But loans bankers are still worried about the large number of deals that have not moved away from Libor, which falls out of use on December 31.
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European banks made the most of an improving tone in the euro market this week, piling on top of one another to access funding in a small but supportive window.
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Santander and Barclays ended multi-year absences from the Swiss franc market to land a pair of senior deals flat to euros this week as funding diversification trumped arbitrage considerations.
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European banks are trying to lock in funding at longer maturities as they consider whether credit spreads have reached a low point. But demand is less certain at the long end of the market, and some investors are pushing for a higher premium to reflect duration risk.
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AstraZeneca, the UK drug maker, hit the euro market on Wednesday after printing $7bn across the Atlantic a day earlier. The borrower is building up funds to pay for its $39bn acquisition of US rival Alexion Pharmaceuticals.
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ABN Amro brushed aside concerns about the bid for long end paper on Wednesday, as it secured a tight spread on a 12 year deal in the euro market. It was joined by a couple of other banks targeting more conventional maturities.
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Helaba came close to fair value with the pricing for its green and non-preferred senior debut on Wednesday, maintaining a solid order book despite competing supply in euros.
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Bank borrowers returned to a stronger euro bond market on Tuesday, but deal arrangers warned of lingering concern over rates and inflation as KBC Group struggled to draw a crowd for a long-dated offering.
