NatWest Markets

European companies are lining up alternatives to bank funding, helping to push privately placed debt further into the mainstream, according to a report by Allen & Overy. However, the pan-European private placement (PEPP) market is still in its infancy and providing only a small fraction of corporate funding.

Alliance Boots’ £12bn leveraged buyout in 2007 was a titanic and totemic deal, which symbolised the height of the pre-crisis LBO wave. This week, the financing was done that will remove the UK pharmacy group’s name from the corporate landscape, merging it with US chain Walgreens into WBA — Walgreens Boots Alliance.

Ford Credit Europe Bank, the American car maker’s UK-based European financing vehicle, came to the sterling unsecured bond market for the second time this year to issue a £400m five year on Thursday.

Casino equipment provider GTech SpA and its subsidiary GTech Corp have completed a $2.6bn five year multicurrency revolving facility in dollars and euros.

Mercuria Energy Group that launched its $1bn triple tranche revolving loan into general in September, will likely increase the size of its borrowing.

Rating: Baa1/A-/A-

There’s a distressing tendency among equity analysts to underplay investment banking, especially when it comes to once proud universal banks like Barclays and RBS. CEOs play up their retail banking credentials, but the investment banks will have the last laugh.

Ireland's longest dated benchmark in five years is more than twice subscribed, allowing leads to set pricing at the tight end of guidance.

Ireland is this week set to price its longest-dated benchmark since its international bailout in 2010. Proceeds, coincidentally, are earmarked to pay off one of its bailout creditors. Fellow eurozone periphery countries Spain and Greece will join Ireland in the market this week with auctions.

The Bank of England's Financial Policy Committee released its updated guidance on leverage ratio requirements on Friday afternoon. The new ratios look positive for the UK's largest lenders, being considerably less demanding than the worst case scenarios and with all but one of the country's global banks already meeting their requirements.

Intu Properties, the UK real estate investment trust, signed a £600m revolving credit facility on Friday. The five year loan carries a two year extension option.

Syndicating a reopening of a 55 year bond in a month where sterling was shaken by volatility could have been tough for the UK Debt Management Office this week. But it passed the test with flying colours, attracting its largest book ever on an ultra-long syndication and breaking the 3% yield bogey for the first time.