Loans and High Yield

The sheer amount of excess liquidity in the leveraged finance market in Europe has initiated a relentless repricing wave. And on Tuesday, the head of leveraged finance at a bank in London went as far as to say that the supply/demand imbalance was so extreme it threatened medium term market stability.

UniCredit has named the bankers to fill a series of senior country posts in its financing and advisory business, which covers equity and debt origination, coverage and M&A.

India’s Neerg Energy sold a $475m green bond on Monday — the second green dollar transaction from Asia this year. The deal introduced a new structure to the market, but investors’ concerns were allayed by the issuer’s robust credit story.

Bukit Makmur Mandiri Utama (Buma), which services Indonesia's coal industry, pulled in an impressive $2.2bn book for a $350m bond this week, after taking care to meet investors and address their concerns about its relationship with defaulted miner Berau Coal.

CT Corp company, Trans Retail Indonesia, has launched its $575m loan with seven mandated lead arrangers and bookrunners.

Logoplaste, the Portuguese plastic packaging maker, boarded the loan market's runaway repricing train on Monday, completing a request on four different tranches amid several similar deals.

Several mid-market buyout deals materialised in the European leveraged finance market at this week, even as private equity firms struggle to source primary issuance amid highly elevated asset prices.

As the visible pipeline in the European high yield bond market reopens, one of the largest debt advisers to borrowers had a tip for high yield bankers: search for new supply away from sponsors.

Power companies were at the forefront of the international market on Monday, with India’s Neerg Energy and Indonesia’s Bukit Makmur Mandiri Utama launching high yield dollar deals.

China Singyes Solar Technologies Holdings is eyeing its inaugural dollar bond, hiring six banks to work on the senior unsecured transaction.

Italian eyewear maker Marcolin entered a quiet European high yield market on Tuesday, announcing a roadshow starting on Wednesday for €250m of floating rate notes after signing a joint venture with LVMH.

Xella increased its €1.4bn buyout term loan for a second time on Thursday morning, adding another €50m in lieu of a proposed shareholder loan, while US software firm Infor did the same on its €750m term loan.