Sumitomo Mitsui Financial Group

Macquarie achieved a decade low print for a five year Australian dollar floater this week, as the lack of supply from financial issuers in 2020 has sent spreads grinding downwards.

China Construction Bank priced a Rmb8.4bn Jianyuan 2020-12 residential mortgage-backed securities (RMBS) this week, attaching two international ratings to an all-floating rate deal.

The allocation of Indonesian instant noodle maker Indofood CBP Sukses Makmur’s $2.05bn-equivalent acquisition loan has been finalised, after the lead banks closed the syndication earlier this month.

Qatar National Bank, by assets the largest bank in the Middle East and North Africa, has raised a dual tranche $3.5bn syndicated loan, one of the largest emerging market loans signed this year.

India’s JB Chemicals & Pharmaceuticals has wrapped up a $206m loan to support KKR’s acquisition of a majority stake in the company.

Commodities trading company Glencore Agriculture is making its loan debut in Asia, seeking $300m from the syndication market as a way to establish itself in the region and show its independence from its parent. The thin pricing on offer means only banks keen to build a relationship with the company in the hope of getting ancillary business will jump in, writes Pan Yue.

Indonesian instant noodle maker Indofood CBP Sukses Makmur has closed syndication of its $2.05bn-equivalent acquisition loan. The allocations are expected to be out in the next few weeks.

Despite a recent deal surge, investors and issuers are set to pull away from the primary market with just one full week left to go before the US presidential election.

Three banks rode out a volatile bond market this week, printing senior deals amid positive sentiment caused by talks making it seem an agreement about a new US Covid-19 stimulus package was closer on Tuesday.

United Overseas Bank achieved the tightest spread for a five year floating rate bank issue in Australian dollars in over 10 years this week, issuing A$750m ($532.0m) to prove that there is still demand at decade-low levels.

A pair of banks made opportunistic moves into a euro market buoyed by positive headlines around a potential US stimulus bill on Wednesday. France’s Crédit Mutuel Arkéa and Japan’s Sumitomo Mitsui Financial Group each tapped for senior paper, raising €500m a piece.

Michelin, the French tyre maker, has signed a €2.5bn sustainability-linked revolving credit facility with a three year maturity, as loans bankers say the market has become more nuanced towards maturities since the onset of Covid-19 made many of them tighten terms.