Loans and High Yield

Cerba has increased its buyout term loan to €794m after dropping a planned bond. It is the second successive large cap buyout this year in which that has happened.

Chinese local government financing vehicle (LGFV) Fujian Zhanglong Group wrapped up a $200m tap of its bonds this week, as it aimed to get its funding out of the way ahead of any unpredictable moves in the US Treasury yield, said bankers close to the trade.

Hong Kong-listed Fosun International ventured out with a new offering on Thursday following reverse enquiry and on the back of the FOMC meeting. Sources in the market said secondary markets reacted positively to the rate hike.

Six borrowers announced offerings in the European high yield bond market on Monday as borrowers looked to beat what could have been disruptive Dutch elections two days later.

The Greek Organisation of Football Prognostics (OPAP), the Greek gambling company, launched a sub-benchmark sized bond with a yield range below 4% on Wednesday — the first high yield from Greece this year.

Spie, the French technical services provider, brought the first new leveraged buy-out financing in the euro high yield bond market for three months this week with a €600m seven year senior unsecured bond.

Wells Fargo Asset Management has hired a new portfolio manager in its ECM Asset Management subsidiary.

Wednesday’s Dutch general election has not put the brakes on corporate bond issuance as it was expected to, probably because investors are expecting a fragmented result ending in a coalition, rather than a market-unfriendly all out vote for the far right.

Guorui Properties sealed a $300m debut international deal after offering investors a slightly unusual structure in order to secure a lower yield.

Fujian Zhanglong Group is tapping its three year bonds from last year for a second time, opening books on a quiet Wednesday as the market awaits announcement from the FOMC meeting.

Guorui Properties opened the Asia high yield corporate debt market for the week, launching its debut dollar deal just ahead of the US Federal Reserve meeting.

BMC Software, the US IT management firm, joined a packed European leveraged finance market on Monday with a €650m term loan refinancing, one of several deals launched since late last week.