Barclays

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.

Scarcity value helped German media group Bertelsmann attract more than €2bn of demand for a new 10 year benchmark on Wednesday.

Although this week’s primary covered bond supply was limited to three deals and the near term outlook is limited by AQR results and Q3 reporting blackouts, demand reached a substantial €5.4bn of orders. Notable activity included the first public sector issue under Belgium’s covered bond law and the tightest ever Canadian euro print.

Abbey National returned to the sterling senior unsecured market for the first time since 2010 this week. Although the market had softened, the Santander-owned UK bank’s 15 year deal performed well.

As syndicated loan volumes in central and eastern Europe dwindled in the first nine months of the year, hit by conflict in Ukraine and sanctions on Russian banks and energy companies, Standard Chartered has emerged at the top of the bookrunner league tables.

Czech Raiffeisenbank has mandated leads for the first publicly distributed euro-denominated benchmark Czech covered bond, which is expected to be launched following a roadshow. The transaction, which is eligible for repo with the European Central Bank and documented under English law, is likely to be followed by a string of other euro denominated Czech covered bond benchmarks.