Loans and High Yield

French telecoms firm Altice called on the high yield bond and leveraged loan markets with a €4bn cross-border refinancing deal this week, hoping that improved quarterly results would help investors shake off the apprehension they showed for the credit in March.

EQT is merging its hearing aid firm, Sivantos, with Danish peer Widex. The largest leg of its funding, a €2.6bn credit facility, has been launched in the leveraged loan market, which is digesting multi-billion deals again.

Switzerland’s CEVA Logistics has appointed banks to arrange $1bn of bank financing, as the company looks to clean up its capital structure by repaying bank debt and buying back bonds.

Asia's bond market is gearing up for a more positive week following marginal improvement in the backdrop. Investment grade rated Bank of Rakyat Indonesia kicked off a new issuance on Monday, with more transactions expected to follow.

Vietnamese conglomerate Vingroup Joint Stock Company has closed an oversubscribed $400m five year loan to support its automobile business.

Are professional codes of conduct shining lodestars for how to behave in financial markets — or dusty screeds of boilerplate that no one can remember? That is what a group of enthusiasts are trying to discover, in the hope that such codes, if used in the best way, could genuinely improve behaviour.

CNCB (Hong Kong) Investment, a subsidiary of China’s Citic Group, has started wooing banks to its $500m debut loan.

Chinese auto rental company eHi Car Services has launched a $200m three year refinancing loan, led by sole mandated lead arranger and bookrunner Deutsche Bank.

Health and Happiness International Holdings has launched its $350m dual-currency loan into limited syndication.

The euro high yield bond pipeline brought five deals to the market this week, as secondary yield spreads and payoff expectations tightened, partially reversing recent trends.

Agile Group Holdings printed a smaller-than-expected $200m bond on Wednesday, struggling to source demand in spite of a generous yield, raising questions about the timing of the transaction.

Graham Tufts has left his position as vice chairman of leveraged and acquisition finance at HSBC and is understood to be joining Royal Bank of Canada in a senior role.