Barclays

RPC, a plastic packaging manufacturer in the UK, has refinanced a revolving credit facility to £490m as it looks to buy Icelandic competitor Promens.

Telefónica, the Spanish broadband and mobile phone company, issued an €850m hybrid bond on Thursday. The perpetual non-call five year deal was priced just 3bp outside the issuer’s curve, according to one banker, a good omen for hybrids being roadshowed by Volvo and Santos.

Onex, the Canadian private equity firm, has acquired SIG Combibloc, the Swiss drinks carton maker, for €3.75bn and confirmed 10 banks that will arrange the leveraged buyout.

A supranational and an agency nipped in to print tightly priced taps of euro-denominated debt this week.

UK department store chain John Lewis issued a £300m 20 year bond comfortably on Thursday, getting double the volume of orders needed, despite not having a rating.

After months of spread tightening and an unremitting stream of successful deals, the positive mood in the primary covered bond market finally broke this week. Amid a weakening secondary market, OP Mortgage Bank only just managed to get a deal away and AIB Mortgage Bank became the only covered bond issuer to postpone a deal this year.

Big acquisition financing trades graced the dollar market ahead of the Thanksgiving holiday while Medtronic rounded off investor calls ahead of an anticipated $10bn M&A trade expected to come next week. All told, November has been the busiest month for US high grade supply — $87bn —since September 2013.

Kenya tapped its 2019 and 2024 bonds on Tuesday paying no premium, by some estimates, to its outstanding bonds and growing the longer dated deal to $2bn, the biggest single tranche from a sub-Saharan African borrower.

ISS Global, the Danish cleaning and facility services company, has issued its first bond as an investment grade issuer after its IPO in March. The company priced a €700m 5.1 year and a €500m 10 year issue on Monday.

China Development Bank’s financial arm of CDB Leasing failed to outshine on its comeback through a five year and ten year dual tranche offering on November 25 despite the status of the ultimate parent as the country’s biggest policy bank.

Urenco, the UK-based uranium enrichment company, priced a €500m bond on Monday. Investors had concerns about the nuclear power sector, particularly as French nuclear reactor builder Areva is facing financial difficulties. But Urenco appeared to have addressed their worries, as the bond was twice subscribed.

NXP Semiconductors, the Dutch chip maker, raised $1bn on Tuesday with a convertible bond that used the call spread structure popular with US tech companies.