Loans and High Yield

India’s HT Global IT Solutions Holdings is set to give a lift to the Asian high yield market, launching a $300m deal on Thursday with price guidance set at a hefty 7.625% area.

Pirelli, the Italian tyre manufacturer acquired by ChemChina last year, will complete syndication of its loan refinancing this week, according to a lead banker.

Groupe Poult, the French biscuit maker, on Wednesday opened syndication for a €230m loan for its merger with Dutch waffle specialist Banketgroep. The deal priced wider than it would have before the UK's Brexit vote, according to a lead banker.

The European investment grade corporate bond market has been ticking along like a metronome this week, printing a steady deal a day. And encouragingly, big deals have returned.

Credit Suisse has sent out invitations for a $150m three year bullet loan for China Auto Rental (Car).

While Bank of England governor Mark Carney took an admirable step to encourage UK bank lending on Tuesday, the syndicated loan market does not need more bank liquidity, it needs gutsy treasurers.

Unrated Italian health and beauty product maker Artsana has allocated the loan funding for its 60% stake acquisition by Investindustrial, with pricing unaffected by the Brexit vote.

Wu Xiaoling, former vice-governor of China's central bank, has spoken out about the poor quality of financing available to Chinese businesses, saying they need more channels to help them develop.

Indian state-owned oil companies Bharat Petroleum Corp, Indian Oil Corp and Oil India have sent out separate requests for proposals for borrowings totalling $1.9bn to finance their acquisition of a stake in an East Siberian oilfield.

The Association for Financial Markets in Europe has voted in the board of its high yield market division and appointed a new chairman.

Dealers will hold an auction to settle credit default swaps referencing Portugal Telecom International Finance, after the International Swaps and Derivatives Association’s (ISDA's) EMEA Determinations Committee ruled that a bankruptcy credit event had been triggered on the contracts

The European high yield market has dealt with bouts of risk aversion and fund outflows before — but the UK’s June 23 referendum on European Union membership has thrown up further challenges for the asset class, said Fitch Ratings in its first post-Brexit market report.