Loans and High Yield
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BNP Paribas has hired a senior banker from Bank of America Merrill Lynch as part of an expansion of its financial sponsors coverage effort. -
The European high yield bond market returned from its summer break to €3bn of new bond offerings this week, including notes from Delaware’s Kronos International and California’s Equinix.
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The European high yield bond market has suffered two years of falling primary issuance but a busy September will provide the impetus for a return to growth. However, there are also concerns about weakening investor protection.
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Spanish clothing retailer Cortefiel priced its leveraged buyout bond on Thursday, in a sign that the high yield market is open for challenging credits.
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Pricing has emerged for a $250m borrowing for Gajah Tunggal, an Indonesian tyre maker, according to bankers.
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China Aoyuan Property Group took advantage of an improvement in its credit metrics and a recent ratings upgrade to return to the debt market for the second time this year, netting its targeted $250m in the process.
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Lai Sun Development Company beat competition on Wednesday to nab $400m from a bond, managing to price inside the levels achieved by other unrated Hong Kong names recently.
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Chailease International Finance Corp has sealed a $250m term loan after obtaining more funds than initially planned, in its second outing to the market this year.
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Oleg Melentyev has joined Bank of America Merrill Lynch as head of leveraged finance strategy in New York, after four years in the same position at Deutsche Bank.
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Clarion Events is set to launch the loan funding for its acquisition by private equity firm Blackstone next week or soon after. The buyer also has funding for a deal to buy Paysafe in the pipeline.
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US private equity firm Carlyle agreed to buy Prima Solutions on Wednesday, deploying its Europe-focused technology fund to so. European market participants say this could be the start of US sponsors growing more active in Europe.
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France, Tennet, NWB and Berlin Hyp are among the green and social bond issuers acclaimed in GlobalCapital's Sustainable and Responsible Capital Markets Awards 2017, which were announced on Tuesday in Amsterdam.
