NatWest Markets

The Bank of England’s Prudential Regulatory Authority released the results of its latest round of stress tests this week, revealing that of the eight largest UK banks and building societies only the Co-operative Bank had ran afoul of its adverse scenario. Bankers and analysts have taken the results as a sign that the UK’s financial system is robust, though some have warned that future stress tests may become trickier to navigate.

The US market slowed down after the previous week’s blockbuster but a handful of smaller trades were sufficient to take December's haul to a record. Four corporate trades worth $2.8bn pushed issuance to $43bn, making it the busiest December ever.

A $3.2bn piece of Tata Steel’s $5.6bn multi-trancher has attracted a whopping $1.089bn in commitments during general syndication. The response follows a successful senior phase, which saw eight banks pile in.

Gunvor International and Gunvor SA, subsidiaries of Gunvor Group, have signed a $1bn revolving credit facility with a syndicate of 25 banks, down from 38 on its $1.5bn loan a year ago.

Lower tier two debt is set to outperform in 2015, especially those of periphery banks, as investors begin to get selective on more deeply subordinated debt next year, according to Royal Bank of Scotland analysts.

India’s Hindustan Petroleum Corp has closed its $300m fundraising with commitments worth $225m pouring in from 12 lenders during general syndication. Although it got off to a slow start, the deal gained traction once lenders took into consideration the thinning in pricing for Indian state-owned names after it launched.

India’s Hindustan Petroleum Corp has closed its $300m fundraising with commitments worth $225m pouring in from 12 lenders during general syndication. Though it got off to a slow start, the deal gained traction once lenders took into consideration the thinning in pricing for Indian state owned names after it launched.

Onex, the Canadian private equity firm, has acquired SIG Combibloc, the Swiss drinks carton maker, for €3.75bn and confirmed 10 banks that will arrange the leveraged buyout.

UK department store chain John Lewis issued a £300m 20 year bond comfortably on Thursday, getting double the volume of orders needed, despite not having a rating.

The Export-Import Bank of Korea (Kexim) has completed its second CNH bond of the year with a Rmb1bn ($163m) offering that was split between a three year and a five year. While the order book was not big by Asian standards, the issuer was able to put it to good use and price an extremely tight bond.

Urenco, the UK-based uranium enrichment company, priced a €500m bond on Monday. Investors had concerns about the nuclear power sector, particularly as French nuclear reactor builder Areva is facing financial difficulties. But Urenco appeared to have addressed their worries, as the bond was twice subscribed.

Onex, the Canadian private equity firm, has acquired SIG Combibloc, the Swiss drinks carton maker, for €3.75bn and confirmed 10 banks that will arrange the leveraged buyout.