Loans and High Yield
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Ineos, the energy conglomerate, launched a refinancing and repricing loan deal on Monday afternoon, extending the run of issuers coming back to cut funding costs in the market. -
Ray Doody, former EMEA head of leveraged finance, is leaving JP Morgan and is set to join HSBC as global head of leveraged and acquisition finance at the bank.
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German building materials maker Xella has cancelled a proposed €350m high yield bond issue, adding that amount to its €1.15bn term loan ‘B’ offering, which backs Lone Star’s $2.3bn buyout of the firm.
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ANZ has made a new hire to its loan syndications team in Australia. The move comes close on the heels of high level changes in the department.
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Although the European high yield market priced only one sterling issuer this week, some debt advisers say the pipeline is building up.
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Sky Bet, the UK gaming company owned by private equity firm CVC, is planning to cut margins on its existing term loan as activity stirs in the sterling loan market.
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While fund managers and issuers' law firms in the US go to war over protection covenants for high yield investors, European market participants are intent on dodging a similar conflict. But investor advisers say bond buyers should check the fine print in Europe, too.
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VodafoneZiggo completed a bumper refinancing deal on Wednesday as several other leveraged finance borrowers came to market with euro deals, relentlessly pushing the market's repricing trend further.
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Schroders this week launched a global high yield fund with US exposure, while BNP Paribas IP announced it will reduce holdings of US corporate high yield bonds.
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Investors had to get to grips with the dynamics of Mainland water supply this week as China Water Affairs Group made a $300m debut on Wednesday.
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A recent spate of high profile loans has shown that Indian banks have the ability to execute highly structured M&A funding. This has reignited gripes about rules that bar Indian lenders from funding acquisitions of domestic companies, hindering the growth of small borrowers with big ambitions. Shruti Chaturvedi reports.
