Loans and High Yield

Oriflame, a Swedish cosmetics company, attracted emerging markets accounts to its buyout bonds on Wednesday selling the dual tranche deal inside price guidance.

GEMS Education hit the market on Tuesday for a $1.65bn financing package for CVC’s purchase of a minority stake in it. The loan margin had to be widened and the euro tranche of the bond was dumped in favour of extra dollar debt, but the bond is trading strongly in the secondary market.

Investment grade corporate bond issuance is all but becalmed, but the high yield market is bustling with activity, as a wide variety of companies bring deals, including several strategic capital raisings and M&A financings.

Underwriting revenues fell for Credit Suisse in the second quarter, it said on Wednesday, although fixed income trading and sales was a bright spot in its results.

China Aoyuan Group was back in the dollar market on Tuesday, adding another $250m to its 2023 notes.

Dexin China Holdings Co found limited interest for its debut dollar bond, despite paying a generous yield to get the deal done.

A refinancing package of €1.23bn has lifted some pressure off Swiss aviation services company Swissport and driven Moody’s to change its ratings outlook on the company from negative to stable. Parent HNA has had a fire sale of assets to combat a cash crunch, and a new portability clause is likely a sign of its desire to exit from the Swiss firm.

Cobham, a UK aerospace and defence supplier, could soon change owners as private equity firm Advent plans to finance its £4bn acquisition with £2.517bn equivalent of interim loans. The latest public-to-private buyout is on shaky ground, jolted by a looming bidding war, possible regulatory intervention and reluctant shareholders.

The London Stock Exchange Group declared on Monday it is interested in buying market data and infrastructure firm Refinitiv for $27bn, a purchase that would give it added clout in data and analytics. Refinitiv’s bonds — notorious in the high yield market for their structure — and LSEG’s shares moved up on the news.

Temasek Holdings-backed Fullerton India Credit Company has invited banks to join a $250m debut borrowing.

Chinese drilling company Honghua Group raised $200m from a rare bond from an industrial company, attracting enough investors to cover the deal by more than six times.

Private equity firm Blackstone has mandated four banks to support its acquisition of India’s Essel Propack (EPL), a specialty packaging company.