Loans and High Yield

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.

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.