Loans and High Yield

China Huiyuan Juice Group aims to bump up its latest borrowing to €280m after raising a larger than expected €160m last month.

Spanish plasma drug group Grifols wrapped up an all-debt refinancing programme on Wednesday as high yield spreads continued to tighten. But market participants warned that terms can hardly become even more issuer-friendly.

Bain Capital and Cinven have agreed to buy Stada, the German generic pharmaceuticals firm, for €4.1bn, in what Dealogic shows is the biggest public-to-private buyout of a European company for four years.

Risk appetite propelled CEEMEA into a bullish second quarter with nearly $16bn of bonds printed in Easter week. Saudi Arabia led the charge with a $9bn sukuk, but demand for duration played into the hands of KazMunayGas which raised $1.25bn of 30 year debt.

Nomura has appointed a new head of technology, media and telecoms for EMEA, while making its co-head of financial sponsors EMEA sole head.

The chairman of global mergers and acquisitions at Deutsche Bank has left the bank.

Refresco, the Dutch soft drinks and juices bottle maker, has rejected a €1.4bn buyout approach from PAI Partners, only two years after it floated at a valuation of around €1.1bn.

US high yield corporate default rates — a market led by companies in the commodity and energy industries — have seen little improvement despite the stabilisation of oil prices, CreditSights data showed on Wednesday.

The euro high yield market closed the week before the Easter break in strong form, with bonds from Burger King France and Colfax, the US gas company.

China Huishan Dairy Holdings’ credentials have gone from bad to worse after it said on Monday that an event of default has been declared on its $200m loan, once again turning the spotlight on lending to non state-backed firms. While some bankers shrugged off the matter as a one off, others fear that getting lending approvals is set to become even more difficult. Shruti Chaturvedi reports.

Lianyungang Port Group and property developer Golden Wheel Tiandi Holdings Company raised a combined $500m on Tuesday, wrapping up their fundraisings ahead of Easter.

French dough maker Cérélia has launched a €345m loan package for its acquisition of Canadian cookie and muffin maker English Bay Batter, joining UK nurseries firm Busy Bees in signing a roll-up acquisition.