Barclays

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.

Beijing Energy Investment Holding (BEIH) has arranged a series of meetings with fixed income investors starting this week for a dim sum bond issue.

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

German pharmaceutical company Merck issued its first hybrid bond, a €1.5bn dual tranche deal, on Monday, less than a week after Volvo issued its first piece of hybrid capital. Merck's notes carry a 2.625% coupon, a record low for corporate hybrid issuance.

Rating: -/AA+/-

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