Lloyds Bank

UK retailer J Sainsbury’s has signed a £3.5bn loan package to back its acquisition of Walmart-owned Asda, with the company raising more debt than the cash component of the deal despite analysts raising concerns about the borrower’s recent debt levels.

Car manufacturer Toyota’s Australian finance arm ended a 14 year hiatus from issuing bonds in sterling when it sold the first sterling corporate bond of the second half of 2018. The return of such an issuer will help fuel optimism that issuance in the currency in the second half of the year may help to redress the balance after one of the lowest volumes of first half issuance in the last decade.

Two borrowers, Marlink and Iris Software, offered a string of new medium sized leveraged loans this week, following the recent launch of some highly anticipated jumbo deals that sources say have helped renew investor interest in the European market.

British oil and gas company BP returned to the European corporate bond markets on Thursday for the first time in a year. Two euro tranches came 12 months after the company’s last euro offering, and a sterling tranche was its first in its domestic currency since August 2016.

British oil and gas company BP returned to the European corporate bond markets on Thursday for the first time in a year. Two euro tranches came twelve months after the company’s last euro offering, and a sterling tranche was its first in its domestic currency since August 2016.

The UK’s Porterbrook has signed £885m in bank financing from a syndicate of 11 lenders, with Moody’s giving the rolling stock company’s senior debt a Baa2 rating.

The UK’s Synthomer plans to raise €600m through a revolving credit facility and privately placed notes, as the unrated chemicals company looks to refinance existing bank debt early.

The Loan Market Association has recruited a trio of loan market stalwarts to its board after its AGM this week. MUFG’s Mathias Noack has retained his place as chairman.

UK banks may have to reassess the make-up of their capital structures after the Bank of England said this week that it could slap a higher minimum requirement for own funds and eligible liabilities (MREL) on groups with regulatory debt sat outside the main resolution entity.

Sweden’s Lundin Petroleum has slashed 90bp off the margin of its $5bn reserves-based lending facility, as borrowers continue to heap pressure on lenders over pricing.

Lloyds Banking Group sold its remaining stake in Standard Life Aberdeen after the market closed on Thursday night in a £344.3m block trade.

Ireland’s Keywords Studios, which provides technical services for the computer games industry, has signed a €75m three year revolving credit facility with a trio of UK banks. It is ramping up its bank debt amid a period of growth.