JP Morgan

A tinge of risk-aversion crept into the US corporate bond market on Thursday, as investors digested the US government’s decision to broaden its sanctions on Russia over the situation in Ukraine.

Borrowers' continued confidence in the leveraged loans market is affecting deal structure, with private healthcare operators Générale de Santé and Quirón structuring their respective €1.1bn and €2.15bn deals to target term loan ‘B’s to banks, who usually prefer the amortising payments of term loan ‘A’s.

Dutch television programme producer Endemol has announced guidance on the pricing and currency denomination of tranches in its €1.35bn refinancing loan.

All of the big US investment banks have beaten grim expectations for their fixed income trading divisions, despite a collapse in volumes far more severe than that in the first quarter and volatility that is still on the floor, writes Owen Sanderson.

Chinese smartphone maker Xiaomi is making its second attempt at a loan market debut, launching a $1bn fundraising into senior syndication. The early signs are that the deal will win the hearts of loans bankers, but the company still has to clear some hurdles on its way to success, write Rashmi Kumar and Shruti Chaturvedi.

Chilean natural gas terminal operator GNL Quintero will begin investor meetings on Friday ahead of a potential debut 144A/Reg S dollar bond issue, extending a busy start to the second half of the year for Chilean issuers.

Chilean telecoms company Entel sold $800m of 12 year bonds, of which half amortise after 11 years, on Thursday in the face of headwinds from rating agencies and a choppier market.

Grupo Hospitalario Quirón, the Spanish private hospital operator, has launched a €2.15bn loan to back its merger with rival chain Idcsalud, owned by CVC.

JP Morgan beat its own projections of a 20% drop in markets revenues for the second quarter 2014, attributing the better-than-expected outcome to higher volumes in June and more than $100m in profits from a post-IPO share sale.

Celulosa Arauco y Constitución, the Chilean pulp producer and second largest company of its kind in the world, sold $500m of 10 year bonds at a new issue premium seen as flat to negative by DCM bankers.

Internet giant Yahoo announced on July 15 that it will be selling 60m fewer shares in Alibaba’s IPO. The listing is expected to hit the market either at the end of the month or at the start of August.

Endemol, the Dutch television programme producer, will hold bank meetings this week to market its €1.35bn cov-lite refinancing loan.