Barclays
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United Internet — Marine Harvest — Heathrow -
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.
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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.
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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.
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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.
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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.
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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.
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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.
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Mubadala GE Capital has released initial price guidance for its $500m no grow five year bond of 150bp-162.5bp over mid-swaps.
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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.
