Loans and High Yield

Tata Sons is poised to end a decade-long absence from the syndicated loan market when it launches a $1.5bn transaction later this month.

Investors this week showered orders on to the first bond issue from Teva Pharmaceuticals since a recent downgrade to high yield ratings. The hook? A 50bp-100bp premium over its old bonds in the secondary market.

State Bank of India’s latest $750m loan is set to move into the retail phase within the next couple of weeks, according to bankers.

India’s IL&FS Transportation Networks had to postpone its dollar bond debut after a series of unfortunate events on Tuesday. A weak market backdrop, a cautious investor base and a hefty pipeline of deals combined to dash its hopes, writes Morgan Davis.

Dublin, Ireland-based Fly Leasing plans to raise a $1.3bn loan to acquire aircraft assets from budget carrier AirAsia.

Tata Sons could launch a $1.5bn borrowing within the next two weeks, as the Indian firm prepares its return to the syndicated loan market after a decade.

If the Norwegian bond market’s light touch approach to documentation means investors lose out, the Nordic aspiration to become the venue of choice for Northern Europe's high yield issuers may never materialise.

The low rates in Europe are making the euro high yield market an attractive option for US issuers like Belden, a St Louis-based manufacturer of telecoms equipment, which is launching a new euro bond to buy back old deals in euros and dollars. More US issuers are coming to euros, say bankers and investors.

Société Générale has announced new heads of coverage for public sector entities and financial sponsors.

KEB Hana Bank has closed a €120m syndicated financing for automotive parts manufacturer Hands Corp, roping in two Chinese lenders as arrangers.

A debut trade from Stark Group, the Nordic building materials supplier, gave high yield investors their first chance to invest in single-B rated bonds in about a month. The deal announcement arrived while market participants were still assessing the victory of Eurosceptic parties in the weekend's general election in Italy.

Credit Suisse’s top man in loan syndications for Asia is leaving the bank to pursue new opportunities, according to sources close to the move.