HSBC

Motability Operations Group, the UK provider of cars and powered wheelchairs for disabled people, drew a chunky order book for an eight year euro bond on Wednesday, using a generous new issue premium to offset difficult market conditions.

Extreme swings in European government bond yields rocked markets this week, but worse could be yet to come.

The dollar market has been a haven for public sector borrowers during a tumultuous time for euros, but the possibility US Federal Reserve rate hikes is causing concern that that market could shut too.

It has been an active week in the European private bespoke debt market, with Vroon agreeing a private placement while Hamburg Energienetze wrapped up a Schuldschein.

The International Capital Market Association has appointed a new chairman, following Cyrus Ardalan's decision to step down from the industry trade body and retire from Barclays.

Bank of Sharjah priced its first international bond deal on Monday, while National Bank of Abu Dhabi and Drake & Scull International added their names to the Middle East pipeline. But there are signs the run of Middle East deals is leading to fatigue in the conventional market.

Yorkshire Building Society mandated leads for a roadshow on Wednesday to market a euro denominated benchmark covered bond, the issuer’s first in a year.

Banco Sabadell ended a month-long drought of periphery issuance on Friday by scraping through a €750m five year covered bond sale. A mooted 10 year never appeared.

Vestas Wind Systems, the Danish wind turbine maker, has refinanced a revolving credit facility it agreed last year, extending the tenor and achieving more favourable terms.

CMA CGM, the French container shipping company, has ditched the dollar tranche from its planned €715m-equivalent high yield bond issue and just raised €550m in euros.

Bharti Airtel showed that scoring a huge order book is not necessary for a deal to be deemed a success. Its $1bn trade attracted just double that in bids, but Bharti still managed to achieve its tightest ever spread, with the bonds also trading well in the aftermarket.

National Bank of Abu Dhabi has picked banks for a tier one subordinated deal, its first ever in the international bond market.