Deutsche Bank

Tentative allocations are out for smartphone maker Xiaomi’s $1bn dual tranche loan. The deal has proved popular as bankers are eager to lend to the company that has ambitious plans for global expansion.

A cacophony of troublesome macro conditions are rocking the markets and could make issuance exceptionally tricky for issuers looking to print dollars in the coming weeks. A pair of borrowers felt the pain on Wednesday, with their leads setting pricing in line with initial price thoughts and at least one of the deals undersubscribed — a far cry from a series of blow-out dollar trades since the market reopened after the summer.

German ball bearing producer Schaeffler will close books on its €1.8bn-equivalent term loan ‘B’ today. Early signs are that investors have received the familiar credit enthusiastically.

Mobile phone maker Xiaomi’s $1bn dual tranche loan has netted commitments from nine lenders in general syndication. The deal has been a popular one as bankers are eager to lend to the company that has ambitious plans for global expansion.

Indiabulls Real Estate, part of the Indiabulls Group, is meeting investors for its debut international bond.

ZF Friedrichshafen, the German car parts maker, has closed the books on the syndication of its €12.5bn loan for the acquisition of Michigan-based TRW Automotive.

Deutsche Bank made a surprise visit to the primary market with a tap of its 1.25% €1.75bn September 2021 senior unsecured bonds on a day when cash bonds are trading wider and bank equities are largely tanking.

A portion of Tata Steel’s $5.6bn borrowing, which has been in senior syndication since July, finally launched into general on October 13, with five banks joining the original 11 leads.

Atrium European Real Estate, an operator of shopping malls in central and eastern Europe, priced its second euro-denominated bond in line with guidance on Thursday.

Merck & Co, the US pharmaceutical company, launched its first bond in euros for seven years on Monday, just days after its €1.5bn deal from 2007 had matured. With markets recovering after a queasy time last week, the €2.5bn issue was widely seen as a success by rival bankers.

UK private equity firm Apax Partners has made a €730m buyout offer for Exact Holding, the Dutch accounting software company.

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