JP Morgan

Extreme swings in European government bond yields rocked markets this week, but worse could be yet to come.

Leveraged finance investors have claimed a victory against borrowers by forcing Valeo Foods to back down on aggressive transferability restrictions that pushed their patience too far in an already hot market, Ross Lancaster reports.

PizzaExpress, the largest UK casual dining restaurant operator, priced on Tuesday a £55m tap of its senior secured bond to fund the purchase of 28 franchise businesses in China and Hong Kong.

Bank of Sharjah priced its first international bond deal on Monday, while National Bank of Abu Dhabi and Drake & Scull International added their names to the Middle East pipeline. But there are signs the run of Middle East deals is leading to fatigue in the conventional market.

XPO Logistics, the US transport logistics company, wants to issue a $2bn-equivalent four tranche bond to fund its acquisition of Norbert Dentressangle, the French trucking group.

Dell, the US personal computer maker, has closed books on a loan repricing and will increase the deal, although investors put the brakes on a full repricing.

Hong Kong-listed Kingsoft Corp fetched HK$2.74bn ($353.43m) from an accelerated share sale on the evening of June 3, with the trade enjoying a brisk response courtesy of its Tencent and Xiaomi parentage.

China Three Gorges Corp (CTG) ventured into the international bond market with an approach never seen before, as it became the first name in Asia ex-Japan to debut in both dollars and euros.

Tough times in the Chilean high yield sector in the last 12 months are unlikely to put investors off taking advantage of a rare level of juice available for a credit from the country when Latam Airlines launches its new non-call five year bond on Thursday.

The Gabonese Republic has picked banks for a dollar benchmark deal and starts a roadshow on Thursday.

Europe’s sunshine state may be about to default for the second time, but equity capital markets are fizzing with activity, and indices only a fraction off their post-crisis highs.

China Three Gorges Corp (CTG) has opened books for what will be its first outing to the international bond market, marketing a dual tranche offering in dollars and euros on June 3. Joining CTG in the market is Beijing Construction Engineering Group (BCEG), which started taking bids for its debut dollar bond.