Loans and High Yield

Emirates NBD has signed a $1.7bn three year loan facility, increasing it from $1.25bn following a strong investor response.

China's State Administration of Foreign Exchange (Safe) has expanded a pilot renminbi conversion scheme to all non-financial companies, allowing them to repatriate offshore bond proceeds. This will help reduce confusion over different rules from different regulators and boost direct offshore bond issuance, said market participants.

Norwegian renewable energy firm Statkraft has signed a Nkr11bn (€1.2bn) five year revolving credit facility with a group of banks.

Forthnet, an unrated Greek telecom company, on Wednesday sealed with bank lenders a debt restructuring plan that it has been negotiating since April.

In a week when uncertainty surrounding the UK referendum on European Union membership clouded markets, Terreal, the clay tiles and bricks maker, managed to tighten pricing on a €260m refinancing loan, reflecting healthy demand for French and German deals.

Issues surrounding Know Your Customer procedures were the foremost concern at the Loan Market Association’s operations conference on Tuesday, chosen by 60% of participants from five options.

ING Bank Turkey has signed a 367 day loan facility with a group of 26 lenders, joining Turk Eximbank and TSKB in issuing loans.

Stillness reigns in the European corporate bond market, as the UK referendum on its EU membership comes closer. However, the last new issue before Thursday’s poll came as late as Monday, when Christian Dior seized on an optimistic mood in markets to print its well-flagged €350m five year bond.

Yoigo, a Spanish mobile phone company with a 7% market share and 3.3m subscribers, long the subject of takeover speculation, will be bought by Másmóvil Ibercom, a smaller player that is also an internet service provider.

Dentressangle Initiatives is seeking €276m of loans to fund its acquisition of Tessi, the French provider of data processing services, which it also plans to delist.

Equipment manufacturer CNH Industrial has renewed its €1.75bn revolving credit facility, extending the maturity to June 2021 from November 2019 on "improved terms".

Waste Italia, the Italian disposal and recycling company, has requested a standstill from investors in its €200m high yield bond, after missing a coupon payment on it in May.