Barclays

BMW dominated corporate bond issuance in Europe on Thursday, with an unusually large €2.5bn transaction.

The block trade business has been hugely important to equity capital markets businesses so far in 2015, and at this stage UBS and Goldman Sachs are leading the race. But Bank of America Merrill Lynch has made a hefty effort to catch up.

The spark of life was seen in the senior unsecured market on Wednesday, with Credit Suisse’s senior unsecured bond, issued from its holding company, quickly achieving blowout status during the bookbuilding process.

Moroccan phosphate group OCP has mandated banks for a series of investor meetings for a 144A Reg S dollar bond.

Rolls-Royce, the UK aero-engine maker, has refinanced a £1.5bn credit facility for the budget price of 21.25bp over Libor, according to Dealogic.

LondonMetric, a UK real estate investment trust, has signed a £400m credit facility with five banks, refinancing five facilities.

With the European Central Bank bond buying programme creating the perfect market for locking in long dated funds at record low yields, the Republic of Poland this week made the most of sublime conditions to print a 12 year with a coupon of 0.875%. Virginia Furness reports.

Taiwan’s TPK Holding raised $384m from a simultaneous convertible bond and placement of shares, this week, bringing welcome relief to the equity-linked drought in Asia ex-Japan. The overwhelming investor response and solid aftermarket performance proved there is a hunger for paper, writes Rashmi Kumar. But the market is only open for the right names at the right terms, bankers warned.

Cassa Depositi e Prestiti tightened pricing on a bond by 10bp-15bp on Tuesday — but bankers on and off the deal said such a wide move was necessary given the market environment.

Scentre, the Australian company that owns and operates the Westfield shopping centres in Australia and New Zealand, has issued a £400m seven year bond.

The AA’s traditional investors on Friday helped the UK car breakdown insurance company price £735m of class ‘B’ notes inside price guidance.

Poland printed its new 12 year note with a 0.875% coupon on Monday, making a big saving on where it priced a 2024 at 3% last January.