Credit Suisse

Together Money has refinanced its 2021 high yield bond with a new issue, taking advantage of strong conditions and a dearth of sterling supply to take more cash off the table and pay down its revolver too.

The idea that companies can raise subordinated debt only through private or club deals was put into deep freeze this week, when ice-cream maker Froneri fully syndicated two second lien tranches as part of its €5.7bn refinancing. Owen Sanderson reports.

UPC, part of Liberty Global’s European telecoms empire, is marketing dollar and euro term loan ‘B’s to pay off a $1.14bn issue of 5.375% senior secured notes. The refinancing comes only a few months after Sunrise cancelled its takeover of UPC’s Swiss business — to the disappointed of Liberty.

Calisen Group, the UK operator of smart meters, has set a price range for its IPO on the London Stock Exchange, following a constructive investor education process. It will come at a discount to listed peers.

Dubai’s Emirates NBD Bank has sold a small stake in NMC Health, the beleaguered UAE private healthcare company, to close out a loan owed by Infinite Investment, a vehicle for two of the company’s controlling shareholders.

Citic Capital Acquisition Corp, a special purpose acquisition company (Spac), has filed for a $200m IPO. It is targeting companies in the energy efficiency, clean technology and sustainability sectors.

Records tumbled in the US bond market this week, as Bank of America and Toronto Dominion set new pricing records.

Credit Suisse has streamlined its investment banking and capital markets operation (IBCM) and is confident that it will return to form after a chastening 2019, writes David Rothnie.

Hengda Real Estate Group Co, a subsidiary of China Evergrande Group, raised $4bn across two tranches on Tuesday, just days after Evergrande nabbed $2bn from another bond sale.

UK flooring company Victoria issued a €170m add-on to its €330m of outstanding 5.25% senior secured notes, due in 2024. The royal carpet maker successfully issued its debut bond last summer after failing at the first attempt in 2018 in a horribly timed launch.

The Republic of the Philippines hit the market with a pair of euro benchmark bonds on Tuesday, making a rapid comeback to the currency.

Three companies from the Greater China region sealed bonds on Tuesday, likely to be the last batch of issuers to tap the debt market before the Chinese New Year break begins. No Asian borrowers launched dollar deals on Wednesday.