HSBC

Borrowers in the sovereign, supranational and agency sector could find their funding plans rocked by whipsawing government bond yields for months to come.

Skandinaviska Enskilda Banken (SEB) and Swedish Covered Bond Corp (SCBC) issued covered bonds of almost identical credit standing this week, but with very different outcomes.

The inflation linked market for eurozone governments showed itself to be resilient in the face of volatility in conventional bonds this week — boding well for one potential new entrant.

United Biscuits has returned to the leveraged loan market, seeking a repricing of around £960m-equivalent of debt, raised in December to back its buyout by Yildiz Holding, the Turkish foods group.

Schenck Process became the latest casualty of the levfin buy side this week, as investors stood firm on the borrower's aggressive €605m leveraged loan deal.

Labco, the French medical diagnostics company, plans to refinance all of its bonds with a new €800m issue. It agreed in May to be bought by private equity firm Cinven after pulling an IPO at the last minute.

Two equity accelerated bookbuilds were conducted in Europe on Tuesday evening. One was a private equity selldown of Thule – but more unusually, Capgemini raised €500m for an acquisition, at a 2.9% discount.

An agency is set to become the latest issuer to enter the green bond market, after scheduling a global investor call for Friday.

National Bank of Abu Dhabi on Wednesday printed its $750m tier one perpetual with a coupon of 5.25%, the lowest ever for this kind of deal from the CEEMEA region. The feat was even more impressive for being printed on a day when Credit Suisse had its 10 year bond pulled because of market volatility.

Two first time bond issuers joined the corporate pipeline this week, with TDF Infrastructure and the University of Liverpool preparing to debut, despite a choppy primary market.

Euro high yield investors on Thursday had more than €1.8bn of bonds to consider and two more tranches in euros whose final sizes were yet to be set — New Look, the UK fashion retailer, being at the forefront with the largest offering.

HSBC's Russell Julius will take over as HSBC's global head of equity capital markets, as John Crompton will now focus solely on corporate finance.