Loans and High Yield

US fashion brands group PVH Corp on Tuesday sold its first bond in the euro high yield market, amid growing concerns that the UK could vote to leave the European Union.

An auction this month to settle 2014-form credit default swaps referencing Norske Skog will comprise separate auctions for all four maturity buckets, the International Swaps and Derivatives Association’s EMEA Determinations Committee (DC) has confirmed, but 2003 updated contracts will only be settled in the shortest dated of these auctions.

Recent allegations against Nomura about a syndicated loan that went bad has re-opened the debate on investment banks’ practice of minimal or zero holds versus commercial banks’ take-and-hold strategy. And the legal action initiated by Taiwanese banks shows there is a need for more transparency — even in secondary sell-downs.

Springer Nature, the German academic book publisher, plans to prepay €420m of high yield bonds, refinancing them with a new secured loan.

Zhongrong International Trust has mandated banks for a Reg S dollar bond that could hit the market as early as this month.

Cott Corp, the US-Canadian drinks maker, on Thursday sold a €450m bond to support its buyout of Eden Springs of Switzerland.

Two new borrowers launched deals in the European high yield market on Monday, PVH and Salini Impregilo. Both are double-B rated, like most of last week’s deals.

Unit4, the Dutch online application provider, is marketing a €230m term loan with replies due this week, but European investors have voiced difficulties in understanding the IT sector.

Watch retailer Hengdeli Holdings has announced a tender offer to buy back for cash up to $175m of its $350m 6.25% notes due 2018.

French glass packaging maker Verallia plans to sell the second largest single-B rated tranche of the year on Monday, after a pumping week of high yield issuance.

Tikehau has provided unitranche funding for Apax’s acquisition of Marlink, Airbus’s commercial satellite communications business, with the first step amounting to $270m, the fund confirmed.

Baoxin Auto Group has rolled out a $550m dual tranche financing that is backed by a keepwell from future parent China Grand Automotive Services Co.