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A swathe of ratings downgrades. one of which prompted Bahrain to first cancel a tap and then reprint it this week at a higher yield, is just one factor that will force Middle East sovereigns to pay up for bond funding just when they need it the most, writes Virginia Furness.

Pirelli will not refinance its €6.8bn acquisition bridge loan in the bond market as planned. A torpid high yield bond market has spooked the borrower away from capital markets and back to bank loans.

The Republic of Slovenia printed a €1.5bn 16 year bond on Thursday from a book of €1.75bn and achieved its aim of building out the longer part of its curve.

This week ChemChina launched syndication for the European tranche of its Syngenta acquisition loan. The deal is much bigger than many expected, at $20bn.

Deutsche Bank tendered less than half the total bonds on offer in a euro senior repurchase offer on Tuesday, buying back the paper at spreads through secondary levels, as it sought to lower its debt burden and suppress any fears about its balance sheet.

The Schuldschein market has just completed what could be its second largest ever deal — for around €1.6bn — in an especially private transaction for Aldi’s Austrian subsidiary, Hofer.

Slovenia has firmed price guidance for a euro 16 year benchmark to 147bp over mid-swaps, a level that syndicate officials away from the deal said represents a double digit new issue premium.

TCC Group has invited banks to pitch for a $3.5bn financing to support its acquisition of a stake in retailer Big C Supercenter. Bankers are welcoming the deal as it provides an opportunity to book Thai assets following a lull in foreign currency loan activity from the country. Shruti Chaturvedi reports.

Bankers are in discussions with a Nigerian corporate for an acquisition loan, representing welcome fodder for a depleted market, although the deal may not make it over the line, according to sources.

CLIQ Energy is set to be the first Malaysian special purpose acquisition company (Spac) to be liquidated after the regulator rejected its request for more time to make a qualifying acquisition.

India raised Rp50.3bn ($739.3m) from a sell-down in NTPC this week as institutional investors pounced on the trade, giving the government’s divestment programme a last minute boost.

Export-Import Bank of Korea demonstrated its sophistication in the bond market on Wednesday with what market participants believe is the first single tranche dollar bond to be listed in both Singapore and Taiwan. Kexim’s success is set to encourage more high quality foreign issuers to follow in its footsteps.