ING

Vodafone wasted no time catching its breath after closing books on Thursday's £2.9bn convertible bond, as it announced on Friday its intention to raise up to €3bn of conventional bonds as early as Monday.

Macquarie issued its inaugural covered bond on Thursday, meeting a strong reception with the five year €500m paper twice subscribed by investors. Westpac has also opened books on a $1.35bn deal, as Fitch said it expects Australian covered bond issuance to rise this year.

High yield bankers insist that the European market will not be paralysed by some of the banks holding debt they have been unable to sell, even after the failure of last week's €1.55bn financing for LeasePlan.

Glencore's core relationship banks showed strong support for its refinancing of a $8.45bn one-year loan, despite volatility for commodities and a recent downgrade for the mining and trading firm.

After LeasePlan postponed its €1.55bn bond last week, US software producer Solera Holdings stands alone in the European high yield market as it roadshows a $2bn acquisition bond. But some bankers said that it will be hard for the Texan issuer to draw any lessons from LeasePlan's pain.

Multiple FIG bonds hit the primary market for the first time in a month on Monday as European bank stocks continued their rebound to ease the pressure on borrowers.

Europe’s high yield bond market suffered a severe disappointment on Thursday evening when LeasePlan Corp, the Dutch car finance bank, was forced to pull a €1.55bn bond. Market participants were hoping the offer would show the market was functioning properly, writes Victor Jimenez.

Action, the Benelux non-food discount retailer, has allocated its €1.2bn dividend recap and refinancing facilities at an impressive margin in volatile market conditions.

ASML Holding, the Dutch manufacturer of lithography machines for computer chip production, has hired four banks to arrange a roadshow for its first bond in three years.

Sanoma, the Finland headquartered media and publishing company, has retained support from its relationship banks in a €500m refinancing deal. But two banks did not return, as the group sought to slim down its syndicate.

Swedbank and SEB this week launched deals that attracted the largest order books and the widest distribution of any covered bonds issued this year, along with the smallest concessions.

The wave of Chinese acquisitions of Western companies has reached a new peak, with confirmation that state-owned ChemChina has sealed the deal to buy Syngenta, the Swiss agrichemicals and seeds business, for $43bn, as China seeks to secure its food supply.