Loans and High Yield

Indonesia’s triple-C rated Indika Energy grabbed $265m from a new deal on Monday, on the back of a five times subscribed book fueled by yield hungry investors.

China Petrochemical Corp was out for a 144A/Reg S transaction on Wednesday, eyeing multiple maturities, while high yield issuer Jingrui Holdings has returned to dollars after a two year hiatus.

Investment banks' revenues from leveraged finance in Europe rose 146% to $537m in the first quarter from the first quarter of 2016, as the high yield market surged back into life and loan refinancings were ubiquitous.

Investors have been taking their cash out of European high yield funds throughout March. But a closer look into flows reveals that short term funds have grown.

CVC has acquired a 25% stake in Spanish oil transportation and storage firm CLH, making it the largest shareholder in the firm.

Just two working days after shares in “New Abengoa” began trading, the Spanish engineering and construction sector was hit on Monday by another credit risk crisis — Isolux Corsán has until July to find €400m to avoid insolvency.

Acetow, the cigarette filter maker Blackstone is carving out of parent Solvay, has launched €630m-equivalent of loan facilities for the buyout, four months after it was announced.

Inovyn, the chlorvinyls firm owned by chemicals group Ineos, and French food producer Labeyrie both joined the bond-to-loan refinancing trend in the leveraged finance market this week, holding a lender call and bank meeting respectively for term loan deals of at least €500m each.

Investec has added another banker to its corporate and acquisition finance team, to work on leveraged finance and private debt deals.

Indonesia’s Modernland Realty is preparing for a new US dollar bond this week, following compatriot property issuer Pakuwon Jati’s tightly priced February deal.

Aston Martin, the UK luxury car maker, made savings of up to 400bp on Friday as it wrapped up its latest bond refinancing bond. Investors came along for the ride but found it a bit of a squeeze.

Micro Focus, the UK legacy software firm, has launched the $5bn loan to finance its acquisition of Hewlett Packard Enterprise’s software business — the biggest new money loan in the European leveraged loan market this year.