SEB

Ryanair, the Irish budget airline, landed a far more solid bond issue on Tuesday than shopping centre operator Unibail-Rodamco-Westfield had a day earlier, as both companies try to recover in sectors ravaged by the coronavirus pandemic.

Landshypotek Bank sold a trio of covered bonds in the MTN market this week, including its largest single tranche deal since April last year.

EQT achieved a strong response from investors on Friday when it launched the first sustainability-linked bond from a private equity firm, and only the second from a financial company. The €500m deal is tied to greenhouse gas emission cuts and gender diversity metrics.

Vestas, the Danish wind turbine maker, has signed a €2bn-equivalent facility linked to key performance indicators around sustainability. It was the first time the borrower has structured bank debt in this way.

Pandora, the Danish jewellery maker, has signed a €950m sustainability-linked loan and in the process become the latest company to repay, early, coronavirus pandemic crisis funding taken out last year.

Cloetta, the Swedish confectionery maker, has refinanced krona and euro bank debt while reducing its bank fees by halving its revolving credit facility.

Finnair has renegotiated the covenants on its €175m revolving credit facility, as the company endured a quarter of sizeable losses and increased its annual cost savings target for the third time since the coronavirus pandemic began.

Alfa Laval, a Swedish heating engineering company, has refinanced a €700m revolving credit facility, months after the company’s credit ratings came under heavy pressure for an ultimately failed acquisition attempt.

Rating: Aaa/AAA

The MTN market’s increasing focus on SSA issuance over the last year will ensure a steady flow of deals through the upcoming bank reporting season.

Danfoss, a Danish engineering firm, and UK bottling company Coca-Cola European Partners found the biggest demand at longer maturities in their multi-tranche bond issues on Wednesday, as inflation fears fade from Europe’s corporate debt market.

Nederlandse Waterschapsbank was twice covered and paid zero new issue premium as it sold an intraday 30 year water bond on Monday. The European Union will follow into the euro public sector bond market on Tuesday to fund a maturity lengthening operation under its European Financial Stabilisation Mechanism programme.