NatWest Markets

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.

Wm Morrison Supermarkets, the UK’s fourth largest food retailer, issued a £300m 15 year bond last Friday (June 27), which reaffirmed the bond market’s continued support of the company despite its widely known operating difficulties.

Aluminium manufacturer China Zhongwang Holdings has allocated its $500m three year facility, which saw 14 banks joining in syndication.

Chinese company Huawei Technologies has wrapped up syndication of its debut loan in the European market, as commitments pooled in to take the deal to a larger than targeted size of $1.6bn.

Tank & Rast, the German motorway services company, has softened a margin cut it is seeking on two tranches of a €1.45bn loan, after pushback from funds.

UK insurer Aviva and French bank BPCE are out with euro denominated tier two deals on Thursday as the FIG market recovers from a slight sell-off following the shock revision of US first quarter GDP figures showing a 2.9% contraction.

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