Loans and High Yield

Fund managers have many different views on the likely path of interest rates, credit spreads and defaults — but they all agree on one thing. As one investor put it: “It’s going to be a very small door when everyone decides it’s time to get out”.

French building services outsourcer Atalian printed a €625m seven year bond on Wednesday, bringing total high yield issuance for the week to over €2.6bn.

The potential sale of Toshiba’s multibillion dollar flash memory arm is drumming up interest among banks that are looking for opportunities to finance the bidders. Depending on the outcome of the sale, the transaction could result in big business for European, Taiwanese and Japanese lenders, said market observers. Shruti Chaturvedi reports.

Misys has tinkered with the $5.35bn-equivalent loan package backing its acquisition of Canadian competitor D+H, with a banker on the deal saying the basis swap between dollars and euros was especially attractive to the issuer.

Saka Energi Indonesia sealed a $625m deal on Wednesday, its debut international issuance, backed by support from its parent.

BPRL seeks SBLC-backed $400m — Singamas nets $270m with latest facility — Tower Bersama allocates among nine

Car has entered the Panda bond market with a rare public deal on the Shanghai Stock Exchange (SSE). Wilson Li, CFO at Car, told GlobalRMB that the move will help the red-chip company build credentials in the onshore bond market.

China Southern Power Grid Co, China Minsheng Banking Corp and Hong Kong-listed SOCAM Development started taking bids for their respective dollars bonds on Thursday at the Asia open.

A longstanding managing director in JP Morgan’s leveraged finance team in London has left the bank to join a Czech power company as CFO, based in Prague.

High yield is humming in Europe. Four deals have been launched this week, with issuance set to top €2.3bn by Friday. Front and centre is Netflix, the US streaming service, which has come to euros for the first time with a €1bn 10 year.

Saka Energi Indonesia opened books for a seven year bullet on Wednesday, seeking dollars via a 144A/Reg S outing.

Hong Kong-listed Singamas Container Holdings has signed its latest syndicated loan at $270m, higher than the $250m it set out for when the deal was launched in late February.