Loans and High Yield
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NTPC is gearing up for India’s first offshore rupee-denominated green bond, having hired four banks to handle what could be a landmark offering. -
ISDA’s Determinations Committee has scheduled an auction to resolve credit default swaps referencing Puerto Rico, while in a separate auction dealers settled a low final price on Portugal Telecom International Finance contracts.
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Banks are showing a greater willingness to bring smaller loans to the Asian syndication market, with first time and relatively unknown issuers tapping lenders. As fundraisings for bigger and more regular borrowers dry up, banks are having to put more effort into finding new business, writes Shruti Chaturvedi.
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Euro high yield issuance has largely brushed off concerns about the UK's vote to leave the European Union, but despite a surge of deals some corporates are still holding back from the market.
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Goldman Sachs has appointed new sets of co-heads for both leveraged finance capital markets EMEA and for 'growth markets' capital markets.
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European high yield bankers approached their market's imminent summer break in high spirits, printing another single-B rated deal, from petrochemical firm Ineos.
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Terna, the Italian electricity grid company, has signed a €500m five year revolving credit facility, a year after repaying a previous club deal.
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Pirelli, the Italian tyre manufacturer, has completed a €4.8bn loan refinancing.
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Mediq, the Dutch pharmaceuticals firm owned by Advent, has launched a €200m dividend recapitalisation, holding an investor call on Wednesday. This follows German industrial services firm Bilfinger offering a €700m term loan at a bank meeting on Tuesday.
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European investment grade corporate bond investors are poised napkins tucked in, cutlery at the ready, as the reception this week for Vodafone’s €1bn 15 year trade and Heathrow’s £400m 33 year notes showed forcefully. It is unlikely there will be many more courses to follow.
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Veteran DBS banker Boey Yin Chong is moving to a new position at the Singaporean lender after a 15-year spell helming the syndicated finance team.
