NatWest Markets

Asian bond issuers just can't get enough of the euro market. This week it was the turn of India's ONGC Videsh to tap the currency, but it did so in unexpected fashion, launching a dual tranche dollar deal and tacking on a debut euro leg late in the process. From a pricing perspective, the tactic looked to have paid off — and the $2.2bn-equivalent deal was India's biggest G3 issue, writes Virginia Furness.

Italian defence contractor Finmeccanica has signed a €2.2bn revolving credit facility, €200m smaller than the 2010 facility being refinanced.

Motability Operations Group, the UK provider of cars and powered wheelchairs for disabled people, launched a 12 year bond on Wednesday and felt the headwind of a tough market. But an issuer of this quality was not going to face serious problems, and it raised £300m at a spread that on one method of analysis was flat to its curve.

CRH, the Irish building materials company, brought its first bond issue of the year on Wednesday, and underlined the continued improvement in its funding terms with a marked cut in its spread and coupon since its last offering.

Western European lenders had a rare chance to finance drawn debt this week after Germany's FGA Bank signed a €550m three year syndicated term loan.

Indomobil Finance Indonesia is considering raising the size of its $100m three year loan, as commitments have already surpassed its target.

Ferrovial, the Spanish company that calls itself the world’s leading private investor in transport infrastructure, issued a €300m 10 year bond on Tuesday, in a tough market.

Swiss travel retailer Dufry wants to issue €500m of notes this week – the final chunk of a three-part financing for its Sfr1.55bn (€1.28bn) takeover of rival firm Nuance Group.

Short dated sterling paper was the only visible supply in senior on Tuesday, with Credit Suisse and Dexia Crédit Local both hitting the market. Dexia was planning to sell a three year fixed rate bond, while CS opted for a two year floater.

French call centre operator Webhelp has tightened the original issue discount on its €120m loan from 99.5 to 99.75, and is due to allocate the deal on Friday.

The State of North-Rhine Westphalia showed that Swiss franc investors still have an appetite for high quality paper when it returned to the market after a three year absence this week. The paper sold well to a clutch of investors on the hunt for high grade paper, despite a punitive spread through mid-swaps.

Webhelp, the French call centre operator, has set an original issue discount of 99.5 on its €120m increase to an existing €275m loan.