Barclays

Power company Electricité de France issued its third bond in quick succession on Monday, and investors piled into the book, seemingly little fazed by its heavy recent issuance.

Several sources in the US private placement market have told GlobalCapital that Indian power grid company Adani Transmission’s inaugural US private placement has not been placed, and the arrangers will return to the project in the first quarter of 2020.

Barclays offered investors a rare chance to add exposure to its senior debt in euros on Monday, helping to fill a supply gap from UK issuers in this currency.

Chinese car manufacturer Geely Automobile Holdings came out with its first perpetual deal this week, raising $500m while paying a small premium over its outstanding senior bond.

After a day of global investor calls on Tuesday, Gas Networks Ireland and Radiotelevisione Italiana (Rai) launched sub-benchmark bonds on Wednesday morning. That followed a deal by Tamburi Investment Partners on Tuesday.

Spain’s FCC Servicios Medio Ambiente and Deutsche Telekom raised euro bonds on Wednesday, in what corporate bond bankers reckoned was the last clear issuance window of the year.

Italy’s Tamburi Investment Partners brought a sub-bechmark five year trade on Tuesday, with similar deals for Gas Networks Ireland and Radiotelevisione Italia waiting in the wings.

Tesco, the UK supermarket chain, and US medical equipment firm Stryker sailed through the European bond market on Monday. Both issuers benefitted strongly from having picked the right moment to launch.

High grade corporate borrowers have crammed into what syndicate bankers have labelled the last clear issuance window of the year, with Stryker Corp, Tesco and Arkema out with euro trades.

The Society of London, better known as Lloyd’s of London, has raised £300m ($387.15m) in its first US private placement (US PP) in its 333-year history. The insurance market achieved tighter margins with lengthier tenors, according to market sources, as the A+/AA- rated borrower benefited from US institutions swapping back to dollars.

Yuzhou Properties Co became the latest Chinese borrower to wrap up its offshore issuance quota for the year after selling a $500m bond on Thursday.

Alabama-based Medical Properties Trust is marketing a dual tranche, split-rated sterling bond, to pay back loans drawn to buy nine UK private hospitals this year. The company’s marketing materials highlighted that the UK’s National Health Service had doubled its spending in the private sector since 2009, but the opposition Labour Party has committed to end this outsourcing if it returns to power in December’s election.