Loans and High Yield
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High yield and emerging market crossover issuer Puma Energy saw demand of more than $2bn for a seven year non-call three year bond on Tuesday, prompting the issuer to slash pricing and increase the size of the trade. -
French optician Alain Afflelou has mandated banks for its first bond since twice suspending plans to float on the Paris bourse.
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India's Tata Motors has put out feelers with its relationship banks for a new borrowing to refinance $850m of syndicated loans.
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21Vianet Group priced a tap of its outstanding $200m 7% 2020s last Friday, using up the rest of its regulatory debt-raising quota ahead of a week-long public holiday in China.
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HSBC has poached a senior banker from Bank of America Merrill Lynch to be its head of high yield syndicate, a source familiar with the matter has confirmed to GlobalCapital.
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High yield and emerging market crossover issuer Puma Energy is expected to price a $300m seven year non-call three year bond on Tuesday from initial price thoughts of 5.5% area, and investors say that there is plenty of room for the yield to fall during execution.
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US drug firm Valeant Pharmaceuticals International has started a cash tender offer for up to $1bn of three senior notes due 2020, with investors saying on Monday that the tender could prove so popular that there will be pressure to increase its size.
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The leveraged loan market is showing no sign of slowing after a September filled with jumbo deals as Altice and SFR join the fray with transactions of over €1bn.
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Iron Mountain, Bormioli and Constellium revved up the engines of the European high yield market with new deals announced on Tuesday that pushed overall issuance so far this year closer to 2014’s all-time €84bn high.
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Overseas Chinese Town (OCT) managed to capture the last window before China’s Golden Week holiday to price a $800m senior perpetual bond. Malaysia’s Yinson Holdings had a similar idea, selling a $100m perp.
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The head of credit for Axis Bank in Hong Kong has resigned and will be joining financial services firm Cantor Fitzgerald in October, sources told GlobalCapital Asia.
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Lionbridge Capital Co made a triumphant return to the dollar bond market on Thursday, closing a $160m deal it was forced to cancel earlier this year. But the market was not open to all-comers — Nan Hai Corp cancelled a mooted deal.
