NatWest Markets

Spanish travel systems company Amadeus IT Holding priced a €400m three year bond on Tuesday. Demand was strong, with the no-grow transaction nearly six times oversubscribed.

The Export-Import Bank of Korea (Kexim) successfully 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 is not big by Asian standards, the issuer was still able to put it to good use and price an extremely tight bond.

Eneco, the Dutch gas, electricity and heating producer and supplier, issued a €500m hybrid bond last Friday. Demand for the perpetual non-call seven year issue was strong, despite competing issuance, volatility on Thursday and uncertainty around a Dutch unbundling law that could affect the sector.

The Export-Import Bank of Korea (Kexim) is set to raise Rmb1bn ($163m) from a dim sum that will be split between a three and a five year, according to bankers working on the trade.

When Wheatley Group, a Scottish association of social housing providers, sold £250m of 30 year bonds on Thursday, the big question for investors was how to price in the possibility of a ‘Yes’ vote in a possible second Scottish independence referendum.

Syndication for the $3.2bn portion of Tata Steel’s $5.6bn borrowing is progressing well, with the deal already receiving $750m worth of commitments, said a banker. Nine banks have committed so far and a handful more are expected to join before close.

Two US blue chips issued a combined €4.8bn of bonds a day apart this week, demonstrating the euro market's attractiveness to US issuers and its capacity to absorb large amounts of paper. Bankers expect more US companies to dive in soon, while the swap market remains favourable.

Three issuers from France, Belgium and Germany raised €2.5bn in the covered bond market this week, and another €1bn transaction was expected from a Finnish issuer on Friday. The deals were all remarkable for the fact that the funding levels set new records for all issuers as the ECB’s allocation continued to grow, squeezing out other investors.

Fines UK authorities imposed on Royal Bank of Scotland could herald a much greater focus from bank overseers on operational risk — and the willingness to use penalties to keep banks in line.

Reliance Jio Infocomm’s $1.5bn dual tranche loan that opened in September has been allocated among 26 lenders, 11 of which joined during general syndication. Thin pricing did not stop Taiwanese, Japanese and Middle Eastern lenders from piling into the deal, as it gave them a chance to form a relationship with India’s biggest private sector company.

IBM launched an opportunistic euro bond issue on Wednesday, taking advantage of strong market conditions to sell €1bn of 8.5 year bonds with a minimal new issue premium - and according to one banker, much tighter than its dollar curve.

Indonesian oil and gas company Pertamina, which mandated 12 lenders for its $1.8bn five year loan in October, launched the facility into general syndication on November 18.