Loans and High Yield

UK specialist insurance and travel provider Saga is set to price its first bond next week, a benchmark deal that is part of a refinancing of its financial structure.

Swissport has announced a technical default on several of its senior debt facilities, after “becoming aware” that its owner, HNA, the Chinese private equity group, had pledged shares in it as collateral for another loan.

The Democratic Socialist Republic of Sri Lanka opened books for a new dollar offering on Thursday, braving a quiet week in Asia's debt capital markets.

Amigo Loans, the UK consumer lender, launched a £50m tap of its debut high yield bond on Wednesday, and bankers said there is more to come from the sterling market after what has already been a busy start to the year.

Beechbrook Capital, the direct lending firm, has opened an office in Manchester after hiring a new investment director last month.

Corporate bond investors have only snacks to feed on in the new issue market this week, but if Emmanuel Macron wins France’s presidential election on Sunday, next week is set to bring more solid fare.

Frigoglass, the Greek maker of chiller cabinets, has launched a consent solicitation to holders of its €250m senior bond as it tries to restructure its debt through a UK scheme of arrangement.

Natixis has given its head of loan syndicate a new role, making him global head of high yield corporate distribution and trading.

Front and centre in a humming high yield bond market this week was Netflix, the US streaming service, which came to euros for the first time with a €1bn 10 year, dividing some investors on whether it was an attractive deal.

Hong Kong-listed Logan Property has sealed a $150m three year loan from three banks, and will use the money to repay debt.

SOCAM Development raised $200m from the sale of a new three year bullet on Thursday, the issuer’s debut international bond.

A $120.6m borrowing to support an acquisition by Indian company Tata AutoComp Systems was signed this week, with 16 lenders joining the two mandated lead arrangers and bookrunners.