Citi

Public sector borrowers are putting the final touches to their funding programmes for the year amid stable market conditions, but there are few signs that any will pre-fund for 2016 in large size.

The weakness of the US leveraged finance market was brought home to market participants with a jolt on Tuesday, when the Carlyle Group, which is buying Veritas Technologies, a US data storage company, abandoned its attempt to raise $3.3bn of debt for the deal.

Teva Pharmaceutical Industries “just scraped home” with very tight pricing on the $33.75bn loan it signed on Monday. Only around half the banks invited participated because margins were so tight, said a banker close to the deal.

Citigroup is looking to buy back up to £485m equivalent of senior and subordinated debt across four senior and subordinated securities in sterling and euros.

More details have emerged on Chinese technology firm Tencent Holdings’ $1.25bn loan that went into limited syndication last week.

Green bond issuance is enjoying its busiest quarter ever as deals from the International Finance Corporation and ING Bank on Tuesday took volume to a record level.

ING Bank was able to price its debut euro green bond inside its regular senior curve on Tuesday, with bankers estimating a very slim premium for the well subscribed trade.

Bahrain opened books on a dual tranche dollar deal on Tuesday morning, which some investors think could be its last as a pure investment grade credit.

Teva, the New York-listed Israeli pharmaceutical company, has completed and signed $33.75bn of loans for its acquisition of Allergan Generics.

A $328.6m loan for poultry feed producer Charoen Pokphand (CP) Indonesia has seen nine lenders join, as the borrower sealed most of the funds in its local currency while capping the dollar portion at $100m.

A supranational issuer has mandated for a green bond — a deal that could take issuance in the final three months of the year within touching distance of the busiest ever quarter for the instrument.

Kenya is offering to pay a margin 45bp higher than on its last loan, signed in 2012, as it syndicates a new $600m two year financing. The loan is drumming up strong interest.