Barclays

Israel Electric has released initial price thoughts at 275bp area over mid-swaps for a 10 year dollar benchmark. The guidance equates to around a 15bp premium over the company’s 2023s, which were trading around 260bp-261bp over mid-swaps.

Kompany Weglowa has released initial price thoughts for a dollar benchmark five year bond at 9% yield area. As the company is 100% state-owned, this will make the bonds eligible for JP Morgan’s EMBIG (Emerging Market Bond Index Global) index. Syndicate officials away from the deal praised leads for having made this clear early as they said this, together with the bond's juicy yield, would likely drive demand higher.

Kingdom of Sweden

There’s a distressing tendency among equity analysts to underplay investment banking, especially when it comes to once proud universal banks like Barclays and RBS. CEOs play up their retail banking credentials, but the investment banks will have the last laugh.

Council of Europe Development Bank (CEB) has hired lead managers to run the first five year dollar syndication since a pair of deals failed to cross the line three weeks ago amid strong volatility in US Treasuries. Sweden and Caisse des Dépôts et Consignations brought deals with more conservative maturities.

The European Union will this week sell its longest-dated deal in two years, after mandating banks for a €660m October 2029 on Tuesday afternoon.

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.

Royal Dutch Shell, like most oil companies a dollar-based issuer, had already blessed the euro market with a €2bn issue this year, in March.

Heathrow has signed a £2.15bn refinancing of its revolving credit and liquidity facilities with a syndicate of 22 banks. The loan comprises a £1.4bn revolving credit facility and a £750m standby liquidity facility.

Novartis returned to the euro bond market on Friday October 31 after five years to issue seven and 12 year notes. A solid market allowed the total size to grow from an expected €1bn to €1.2bn.

The Bank of England's Financial Policy Committee released its updated guidance on leverage ratio requirements on Friday afternoon. The new ratios look positive for the UK's largest lenders, being considerably less demanding than the worst case scenarios and with all but one of the country's global banks already meeting their requirements.

Intu Properties, the UK real estate investment trust, signed a £600m revolving credit facility on Friday. The five year loan carries a two year extension option.