Loans and High Yield

Private members club Soho House has secured a £375m refinancing deal from Permira Debt Managers, the latter’s largest direct lending deal to date, following its pulled high yield bond issue in 2015.

French food producer Labeyrie Fine Foods both widened pricing and reduced the size for its €500m term loan this week, as changeable market conditions have driven a cheapening of several primary deals in the leveraged loan market.

Netflix is issuing its first bond in euros. It's a high yield bond, but not as we know it. It is single-B rated but the covenants are investment grade — though Netflix's leverage is racy. To buy it, you need to be a fan.

French building services outsourcer Atalian started a roadshow for a €600m seven year bond offering on Tuesday, bringing total expected issuance for the week so far to over €2.3bn.

The chief operating officer of M&A and telecoms, media and technology at Credit Suisse’s investment bank has left for a fundraising advisory firm.

India’s HPCL-Mittal Energy (HMEL) took centre stage on Monday, selling the only international bond from Asia ex-Japan. The 4x covered deal benefited from support from state-owned HPCL, with the bonds trading up by 50 cents in the secondary market.

The top lending group for a dual-tranche borrowing by Vedanta Group has shrunk after one bank dropped out of the syndicate to tie up its portion of the financing bilaterally.

Indian lender Axis Bank has promoted its international loan syndications head to lead the operation globally, according to sources.

Tikehau Capital has appointed a new head of its London operations.

National Highways Authority of India is preparing investors for a new Masala transaction, the issuer’s first in the offshore rupee market.

The leveraged finance market in Europe has shared in the cheerful sentiment across markets on Monday morning as the first round of voting in the French presidential election suggested centrist Emmanuel Macron was the favourite to win the run-off in two weeks’ time.

Fosun International scored an additional $600m from a tap of its $800m 5.25% 2022s last Friday, making it the largest Chinese high yield non-property deal in almost three years.