Loans and High Yield

Advent’s €2.43bn acquisition of French software solutions firm Morpho is supported by 13 banks, according to one banker, with up to €2bn of loans expected to be marketed by early November.

TUI AG, the German tourism company, on Wednesday became one of only five double-B rated borrowers which have been able to print sub 2.5% coupons this year.

Yuzhou Properties Co’s latest bond had a bumpy ride this week as it struggled to garner interest for a longer tenor and one of its joint global co-ordinators dropped out.

Despite tricky conditions in the European corporate bond market, a varied array of issuers has come to market this week, with the flow increasing as the week has gone on.

Huai’an Traffic Holdings, the local government financing vehicle (LGFV) for the Huai’an municipal government, has locked in $300m from its inaugural international offering as investors put faith in the issuer’s strong link to the Jiangsu province.

The largest telecom services reseller in the UK, Daisy Group, on Tuesday opened a four day roadshow for its debut high yield bond, unfazed by Brexit tensions in the sterling market.

Coffee maker Jacobs Douwe Egberts (JDE) and education publisher Infinitas both held lender calls on Tuesday for refinancing deals, though merger and acquisition financing could subdue the latest spate of repricings in leveraged loans, one senior banker said.

Huai’an Traffic Holding and Yuzhou Properties Company are set to become the newest names to test liquidity in the international bond market, kicking open their deals on Tuesday morning.

German leisure travel group TUI AG launched a roadshow for a new issue to refinance its old 2019 bond on Monday at a time when coupons in the upper end of the high yield rating spectrum seem to be trending wider.

Fresenius has completed a €1.2bn incremental loan to help fund the acquisition of Spanish hospital group Quirónsalud. The company has also added a fourth bank to a separate €3.75bn club loan to help fund the purchase, according to a banker close to the deal.

Lenders are preparing the financing package for the $3.2bn leveraged buyout of Polish online retailer Allegro. A loan for the deal is likely to be mostly dollar denominated, bankers said.

Shui On Development Holding is offering a hefty margin on its $300m three year amortiser to entice lenders cautious about investing in Chinese property related firms.