Loans and High Yield

Seven bonds will be deliverable when dealers hold an auction next Thursday to settle credit default swaps referencing Portugal Telecom International Finance, with ISDA's Determinations Committee including June 20-terminating PorTel contracts in those triggered by the bankruptcy filing of Brazilian parent firm Oi.

Swedish firm AR Packaging and French software firm Cegid both successfully allocated leveraged buyout loan packages this week — with the margins undisturbed by the UK's vote to leave the EU.

Commerzbank has merged its high yield and leveraged loan teams, appointing the former HY head to lead the new unit and leaving the former levloan head without a position at the bank.

The first corporate bond new issue has been priced in euros at a negative yield. Deutsche Bahn raised €350m of five year debt on Wednesday with a 0% coupon, at a yield of -0.006%.

Singapore’s Olam International is seeking investors for a subordinated dollar perpetual non call five trade, opening books on Wednesday morning with initial guidance in the 5.5% area.

Indonesia’s Adira Dinamika Multi Finance has wrapped up its latest fresh money borrowing at an increased amount of $225m. The halo of indirect ownership by Temasek helped the company rake in commitments.

Foncia, the French residential real estate company, on Tuesday began marketing its €1bn LBO loan into an "issuer friendly" market, according to one investor.

Data firms IHS and Markit completed their merger on Tuesday, after shareholders agreed terms for a deal worth $13bn in which bond, loan and derivative services are key areas of focus.

Housing Development Finance Corp is set to put its name in the history books after launching the very first Masala bond from an Indian issuer on Monday evening. The offshore rupee trade has been a long time coming but if successful, it could unleash a torrent of new issuance from Indian firms.

Nasdaq-listed China XD Plastics Co has launched a $180m two year financing into senior syndication via a single mandated lead arranger and bookrunner.

Two UK leveraged loans that borrowers launched shortly before the UK referendum have ended in contrasting results, with one closed successfully and the other pulled.

Seven bonds will be deliverable into an auction to settle credit default swaps referencing Portugal Telecom International Finance, the International Swaps and Derivatives Association’s (ISDA's) EMEA Determinations Committee has ruled.