Banks

Commercial banks are in the driving seat for the highly levered financing of Cinven and Astorg’s purchase of testing business LGC Group. Regulatory issues are said to have kept some US banks away from the deal, but others question whether a large revolver commitment had more of an impact.

Credit spreads suffered a bout of volatility on the back of another set of negative developments for global trade this week, casting a shadow over the positive run that financial institutions have enjoyed in the market recently.

Investors in the financial institutions bond market have not had much chance to invest in UK credit this year, especially in the euro market in light of the political uncertainty in the country. Much of the supply next year will depend on the UK general election results next week.

China Huaneng Group, one of the mainland's largest power generators, sold a three-tranche dollar bond on Tuesday, taking $1.5bn off the table near the end of the year, when investors are still looking to put money to work.

Bank of Communications Financial Leasing Co bagged $600m from a floating rate note (FRN), taking advantage of a strong preference from investors for a floating rate format compared to fixed.

Three Chinese property names hit the bond market on Tuesday, raising a combined $1.624bn in a mix of senior and subordinated trades.

Akesobio, a Chinese biopharmaceuticals company, filed a draft prospectus for an IPO with Hong Kong’s stock exchange on Tuesday.

China YuHua Education Corp has bagged HK$2.02bn ($259m) from a convertible bond, printed in part to fund the buyback of its existing CB, according to a source familiar with the matter.

European banks are waiting for relief from central bankers, politicians and regulators. But UniCredit is positioning itself to offset several of the biggest problems facing the sector, giving it greater room to forge its own destiny.

CVC-backed financial technology firm Sisal Pay is marketing a €530m issue of senior floating-rate notes to finance a merger with Intesa Sanpaolo-owned Banca 5’s payments business. The new venture is aiming to be the next Nexi, another Italian fintech star that listed recently and has had success in the high yield bond market too.

E.On, the German power company, hit the short end of its bond curve on Tuesday, launching a €500m no-grow 2.8 year deal on a tricky day for the wider markets.

The Kingdom of Norway has sold a chunk of its stake in Entra, the Norwegian real estate development company, via an accelerated bookbuild that attracted more than 200 orders, according to a source close to the transaction.