Barclays

Council of Europe crowned a week of tightly priced deals from high quality issuers in dollars with the first benchmark to reach the five year point of the curve since the dollar market was engulfed in volatility in mid-October. Sweden kicked off proceedings with an oversubscribed three year that came at the deepest level through mid-swaps for a deal of that tenor all year.

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The end of the year could take on a supranational flavour in euros as a pair of issuers mull deals. The European Financial Stability Facility is expected to bring a deal in its next window — next week — while the European Union told GlobalCapital this week it could return to the capital markets to pick up funding for Ukraine.

RAC, the UK car recovery breakdown firm, has allocated its £1.25bn refinancing and recapitalisation loan after flexing the facility’s original issue discount in investors' favour.

The European Central Bank's covered bond purchase programme (CBPP3) turned relative value upside down this week, with a French deal pricing inside a similar Swedish offering, among a crop of four new issues.

Ford Credit Europe Bank, the American car maker’s UK-based European financing vehicle, came to the sterling unsecured bond market for the second time this year to issue a £400m five year on Thursday.

Mubadala GE Capital priced its $500m five year bond on Wednesday from a book of $1.3bn, having won large demand from accounts in North America looking for exposure to GE.

Israel Electric Company on Wednesday printed its $1.25bn 10 year bond at the tight end of price guidance and flat to the company’s existing curve. The book for the note was $3bn.

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Carlyle Group is buying Dealogic, the financial markets data and systems provider, for an enterprise value of about $700m, in a leveraged buyout that will include some debt financing.

The European Financial Stability Facility is likely to be one of the few issuers to test demand in euros next week, having sent out requests for proposals for a benchmark on Wednesday. Other issuers with euro needs are more likely to indulge in arbitrage plays next week, said SSA bankers, although a pair of borrowers printed small euro benchmarks on Wednesday.

Mubadala GE Capital has released initial price guidance for its $500m no grow five year bond of 150bp-162.5bp over mid-swaps.