Bank of America

United Biscuits has cut the margins and rejigged the structure of the £985m-equivalent loan package it is seeking to finance its takeover by Turkish foods group Yildiz Holding.

Insurance capital is finding unexpected favour even as most other European debt markets are stopped in their tracks. With insurers rushing to take in fresh subordinated debt ahead of new EU regulations next month, and investors increasingly receptive to higher yielding instruments from a less volatile sector than banks, more than €2.3bn ($2.85bn) of deals emerged this week. And as Nathan Collins and Graham Bippart report, more could emerge in the coming days.

Germany’s DekaBank has quietly replaced a silent participation that was not compliant with Basel III capital rules with a new issue €473.6m additional tier one that would be written down if the bank’s common equity tier one ratio falls below 5.125%.

Xiabuxiabu Catering Management Holdings priced its Hong Kong IPO in the middle of guidance to raise HK$1.07bn ($137.68m), with a book that was heavy on long only funds and fundamental investors and light on hedge funds.

The Hong Kong IPO market was off to a busy week, with Dalian Wanda Commercial Properties and Linekong Interactive rushing to complete chunky deals before the markets break for Christmas. But the flood of activity also left one victim in its wake, as M800 chose to delay bookbuilding until January rather than compete with its rivals for investor attention.

A $3.2bn piece of Tata Steel’s $5.6bn multi-trancher has attracted a whopping $1.089bn in commitments during general syndication. The response follows a successful senior phase, which saw eight banks pile in.

Nederlandse Waterschapsbank was able to tap a March 2016 dollar benchmark on Tuesday at the mid-market level at which the bond was trading before the tap was announced.

Publicis, the French PR and advertising firm, issued €1.2bn of bonds on Tuesday, equally split between seven and 10 year tranches. The proceeds will be used to fund its acquisition of US marketing and consultancy company Sapient.

Industrial and Commercial Bank of China (ICBC) took plenty of plaudits last week, with a unique triple currency additional tier one (AT1) transaction that included a record-breaking offshore renminbi tranche. While some say that the trade was a testament to the depth of the CNH market, that is an argument too far. This was anything but a conventional trade.

Strong interest from long only funds and local investors helped South Korea’s Ministry of Strategy & Finance price a block in Industrial Bank of Korea (IBK) at the top of guidance to raise W310.31bn ($279m).

Medtronic grabbed the record for the biggest high grade corporate bond issue of 2014 this week, as investors returned from their Thanksgiving breaks keen to put cash to work in one of the busiest weeks of the year.

Indian high yield names have been some of the most sought-after credits this year as investor sentiment picked up following the election of pro-reform prime minister Narendra Modi. But that winning streak appears to have come to an end, at least temporarily, after Reliance Communications (RComm) and Lodha Developers pulled the plug on their deals this week, writes Narae Kim.