Loans and High Yield

US car rental provider Avis this week followed rival Hertz to the euro market and sold a €300m bond, increasing the deal from its initially marketed size.

Banks are queueing to set up shop in an international financial services hub in India — the first of its kind in the country. Institutions operating there enjoy certain regulatory exemptions, which are expected to give a leg-up to domestic lenders looking to build a foreign currency loan book. Shruti Chaturvedi reports.

Ufinet, the telecommunications firm with headquarters in Madrid, and Ammeraal Beltech, the Dutch conveyor belt manufacturer, both marketed dividend recapitalisations on Thursday. One senior market observer said that the regularity of such deals was reflecting poorly on the private equity community.

Spanish online travel agency eDreams increased the size of its bond to €435m on Tuesday, a deal which investors struggled to find comparables for.

Tessi, the French payment processing firm, has allocated its €276m deal after marketing began in June.

Investment grade loans continued to bask in the glow of Bayer's $57bn deal while the levloan market is beset by repricings. But IG and high yield bond markets were quiet this week as participants waited for the outcome of Wednesday's US Federal Reserve meeting.

Lippo Malls Indonesia Retail Trust priced a S$140m ($103m) perpetual non call five on Tuesday at a level that was considered fair value by both the issuer and investors.

Trans Corpora has received commitments from two banks for a $150m three year senior secured term loan that launched into syndication in June.

Country Garden Holdings Co sneaked into the bond market on Tuesday with a $650m deal, finding an opportunistic window ahead of the US Federal Reserve and Bank of Japan’s decisions on monetary policies.

Standard Chartered has expanded Kaustubh Kulkarni’s responsibilities within debt capital markets as the bank seeks fresh opportunities in local currency bonds.

SIG Combibloc allocated its $2.37bn equivalent deal on Thursday in a repricing deal that surprised some investors.

After a storming run of issuance, with eight deals in the market last week, high yield deal flow has slowed but not stuttered as Fnac, eDreams and MCS all roadshow potential deals.