Crédit Agricole

Tata Steel closed its first international bond on Thursday, July 24, as it looks to refinance loans from its 2008 acquisition of Corus. Despite pricing on a day when the Indian high yield sector saw $2.4bn of new issues, the trade nonetheless pulled in bids worth $9.1bn.

French supermarket group Casino Guichard-Perrachon made the most of a quiet week in the investment grade bond market when it priced a €900m 12 year bond on Wednesday at 125bp over mid-swaps, needing almost no new issue premium to bring in €2.6bn of orders.

Générale de Santé, the French private healthcare provider, allocated its €1.1bn acquisition loan on Tuesday after cutting the margin on the term loan ‘B1A’ to 350bp over Euribor.

Tata Steel raised $1.5bn with its inaugural transaction on Thursday, as it looks to refinance loans incurred as a result of its $13.1bn acquisition of Corus in 2008. Despite pricing on a day when almost $2.5bn of new issues was injected into the Indian high yield arena, the trade nonetheless pulled in bids worth $9.1bn.

Export-Import Bank of China (Chexim) priced its first dollar bond in nearly a decade on Thursday and received an order book in excess of $10bn as investors flocked to the proxy government credit. Both tranches also priced with one of the lowest yields from Chinese issuers in recent years, according to bankers.

Gecina, a French real estate investment trust, priced a €500m seven year senior unsecured bond at 92bp over mid-swaps on Wednesday.

Export-Import Bank of China (Chexim) opened guidance on its first dollar bond in nearly a decade on Thursday. With investors viewing the policy bank as a proxy for the sovereign, bankers are looking at where other state owned enterprises (SOEs) are trading to price the deal.

Gecina, a French real estate investment trust, priced a €500m seven year senior unsecured bond at 92bps over mid-swaps on Wednesday.

Tata Steel announced a 5.5 year and 10 year dollar denominated dual trancher on Wednesday afternoon. The borrower is the second from the Indian high yield arena to open books for a debut dollar deal today, joining renewable energy company Greenko.

A total of 12 banks have signed the mandate letter this week for Tata Steel’s multi-currency jumbo fundraising of around $5.62bn.

Indonesian telecommunications company Tower Bersama Group has sealed a loan of $300m dual currency loan, exercising the $100m greenshoe after the deal was oversubscribed.

Tata Steel is kicking off investor meetings for what could be an inaugural dollar and euro denominated deal this week. In addition to being the latest in a string of Indian borrowers to explore the euro market this year, the company joins a club of high yield issuers from India that are surfacing in dollars.