Barclays

German chemicals firm Evonik is in talks with banks to refinance a €1.75bn revolving credit facility.

The funding landscape for UK-based corporates has undergone a radical transformation since the financial crisis of 2008, driven by macro-economic changes and a growing sophistication in the way that companies finance their activities.

Four public sector borrowers will launch euro bonds on Wednesday, having announced deals throughout the curve ahead of this week’s European Central Bank meeting.

Insurance broker Towergate priced its £800m high yield bond to finance its merger with four UK peers, resulting in a new company called Kirs. The deal follows a string of successful high yield sterling issues but faced pre-election jitters.

European banks have already made stellar progress in working through their issuance programmes in 2017, shifting emphasis on to those with shortfalls or ‘strategic trades’ left to complete.

A $500m three year borrowing for State Bank of India has been allotted among 21 lenders, eight of which joined during general syndication.

Packaging maker Ardagh Group will repay its 2021 dollar floater with a £400m sterling bond printed on Friday, following heavy oversubscriptions of recent sterling deals.

Société Générale has opened the books for the Paris flotation of ALD, its car leasing business, which if completed, will be the largest French IPO since asset manager Amundi went public in November 2015 for €1.6bn.

After closing its largest ever loan African Export-Import Bank has named banks for a dollar bond of up to seven years.

Export-Import Bank of China came to the market with a two-currency, fixed and floating rate transaction on Thursday, snapping up $918m-equivalent. Its outing followed downgrades on China’s sovereign rating and that of the issuer, but buy-side concerns were well contained.

Rating: Baa2/BBB

The UK Debt Management Office (DMO) is keeping its options open on a planned syndication for September, as Gilt yields fell following polls showing the opposition Labour Party was gaining ground on the ruling Conservatives ahead of next week’s UK general election.