UK

UK pest control company Rentokil launched its €400m seven year offering on Thursday morning, alongside two three year offerings from the utility and car leasing sectors.

Principality Building Society was marketing its first senior unsecured deal in more than a decade in the sterling market on Thursday, as Sainsbury’s Bank opened books on its first ever subordinated bond transaction.

Barclays is courting Singapore investors on Thursday for a benchmark subordinated Singapore dollar bond.

Investors are keeping pace with heavy issuance in the European leveraged loan market, with ticket sizes increasing in response to a rush of jumbo sized loans this week, including a $2.4bn equivalent deal from Paysafe.

Property has been the standout sector in a good year for sterling corporate bond issuance. On Wednesday, Places for People added to issuance with its first sterling bond of 2017, but failed to tighten from initial price thoughts.

Single digit new issue premiums had survived the secondary market weakness in corporate bonds of the last few days, but on Wednesday Vodafone had to pay up as it sold a three tranche deal significantly wide of where its existing bonds were trading.

If there was a measured pace to corporate bond issuance on Monday, on Tuesday it roared back to the frenetic pace seen the week before. A triple tranche dual currency deal by BT was the largest deal of the day, but the other trades offered a lot of variety for investors.

The last time British Telecommunications sold sterling bonds, the global financial crisis was still beyond the horizon. It returned on Tuesday after more than 10 years only issuing in euros and dollars, but investors were not as welcoming as the issuer may have expected.

Globalworth Real Estate Investments, the Aim-listed real estate investment trust focused on central and eastern Europe, plans to raise around €300m of fresh equity, and is preparing to move to the main market of the London Stock Exchange in 2018.

UK based drinks manufacturer Diageo returned to corporate bond markets on Wednesday with a three year and long six year dual tranche offering, while German housing association Vonovia continued the recent trend for two year floating rate notes.

Sabre Insurance, the UK car insurance company, will attempt to list on the London Stock Exchange this autumn, having filed an intention to float document on Monday.

Civitas Social Housing, a Reit specialising in social housing in the UK, has raised £302m by selling 302m class 'C' shares.