Barclays

The Guinness Partnership, one of the oldest and largest of the UK housing associations, issued a £150m bond on Thursday, in the aftermath of one of the most turbulent days in the bond market for years.

Market volatility and a sharp downturn in sentiment kept FIG supply light this week, with just Deutsche Bank choosing to access the market in euros, tapping a seven year note. Expectations are for supply to stay light given the sudden sell off across many asset classes that followed weak US data on Wednesday afternoon.

UK car breakdown recovery firm RAC marketed its £1.25bn recapitalisation and refinancing loan to lenders on Thursday, signalling that the leveraged loan market is battered but still functioning.

A pair of dollar deals in the sovereign, supranational and agency sector failed to cross the line this week, coming on a day when turbulent US Treasury markets made book building tough. Issuers lining up deals for next week may have to be prepared to pay more of a new issue premium because of this week’s tricky conditions.

Primary issuance in covered bonds slowed this week with just one deal emerging on Wednesday from Canadian issuer La Caisse Centrale Desjardins du Quebec (CCDQ).

Gunvor — Premium Farrell

UK electronics components distributor Premier Farnell has completed a £250m amendment and extension of its loan facility, after refinancing its US private placement in August.

A cacophony of troublesome macro conditions are rocking the markets and could make issuance exceptionally tricky for issuers looking to print dollars in the coming weeks. A pair of borrowers felt the pain on Wednesday, with their leads setting pricing in line with initial price thoughts and at least one of the deals undersubscribed — a far cry from a series of blow-out dollar trades since the market reopened after the summer.

Society of Lloyd’s wrested investors' attention away from the geopolitical woes and equity market travails on Wednesday, mandating banks for a roadshow ahead of what would be its first capital markets appearance in more than seven years.

UK car breakdown recovery firm RAC has launched a £1.25bn loan to refinance debt and recapitalise its debt structure after the Government of Singapore Investment Corp became a shareholder in the company.

Barclays has been forced to pull what would have been the first offshore renminbi bond from a Thai borrower, with investors staying away because of a lack of visibility on the company’s business operations.

Unibail-Rodamco, the French property company, achieved tight pricing on its latest eight year euro issue thanks to strong demand from across continental Europe.