Barclays

Dalian Wanda Commercial Properties is expected to price its IPO near the top of guidance to raise HK$28.8bn ($3.7bn) for Hong Kong’s largest listing this year.

Terna, the Italian electricity transmission system operator, signed a €750m credit facility last week. And more activity is expected soon in the Italian corporate loan market.

Gamesa, the Spanish wind turbine manufacturer, has signed a €750m syndicated revolver with a single bullet repayment in December 2019. The banks are the same as those on Gamesa’s loan signed in March, except for Bankia, which is no longer participating.

Swedish power company Vattenfall has signed a €2bn five year revolving credit facility with 15 banks, with strong support from its banking syndicate.

Fiat Chrysler Automobiles raised $3.46bn on Wednesday, when it priced its $2.5bn mandatory convertible bond and $957m share offering, designed to strengthen its balance sheet and gain a new investor base in the US.

The US market slowed down after the previous week’s blockbuster but a handful of smaller trades were sufficient to take December's haul to a record. Four corporate trades worth $2.8bn pushed issuance to $43bn, making it the busiest December ever.

GTech, the Italian gambling equipment maker, has further reduced its bridge facility for the acquisition of US competitor International Game Technology (IGT), to $6bn.

The Spanish and Portuguese electricity businesses of E.ON are teasing the leveraged loan market with a pre-launch glimpse of €315m of loan facilities backing their €2.5bn buyout by Macquarie and Wren House Infrastructure Management, owned by the Kuwait Investment Authority.

GTech, the Italian gambling equipment maker, has further reduced its bridge facility for the acquisition of US competitor International Game Technology, down to $6bn.

China Petrochemical Development Corp (CPDC) netted $132m this week from a zero coupon convertible bond, taking advantage of the cheaper pricing on offer in the equity-linked market over straight debt. Six months in the making, the Taiwanese company’s deal was one of a kind in Asia ex-Japan, carrying standby letters of credit from not one, but two local banks. And with a chunky amount of asset swap, the trade had features that benefited both the chemicals company and investors, writes Rashmi Kumar.

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.

The States of Guernsey has entered the bond market for the first time, having been tempted to bring a deal by ultra low Gilt yields.