Loans and High Yield

US car rental group Hertz on Monday opened a two day roadshow for euros to refinance part of the debt of its European division and fund its operations.

Froneri, the joint venture between Nestle and R&R Ice Cream, released tight price guidance on its €800m loan deal following a London bank meeting on Monday, yet market participants are sanguine on its chances of success.

Morrison Utility Services, the first UK leveraged buyout to come to market since the UK voted to leave the EU, received oversubscribed offers for its £170m loan package.

Industrial Bank Co has thrown open books for a dual-tranche dollar offering following a series of fixed income investor meetings at the start of the month.

Reliance Sibur Elastomers, a subsidiary of India’s Reliance Industries, has bagged a $330m term loan with a 10 year tenor, marking one of the longest dollar loans in Asia ex-Japan in almost a decade.

Credit is expensive relative to fundamentals, JP Morgan announced this week, yet the actions of central bank policy will ensure that it remains so toward year end as risk premiums are increasingly compressed, and investors remain desperate for paper.

China's Redco Properties Group has signed a $130m three year loan with a group of lenders, it said in a Hong Kong stock exchange filing.

Powerlong Real Estate Holdings made a bold move coming to the market on the last day of a frantic week in Asia's debt capital markets. But it found its deal 2.7x covered and got away with tight pricing.

In one of the busiest days recently for Asian debt capital markets, investors gobbled up $2.2bn worth of issuance on Thursday — all from Chinese names.

State Bank of India has mandated seven firms to arrange a dollar-denominated bank capital additional tier one offering — the first deal of its kind from the south Asian country.

ICBC (Singapore) and Haikou Meilan International Airport sold well-digested dim sum bonds on Thursday, managing to find decent demand despite a challenging funding environment.

Yestar International Holdings Company was the only corporate in the Asian debt market on Thursday, enticing investors for its maiden dollar offering. The issuer bagged $200m from its five non call three, opting to raise a conservative amount with its debut.