Loans and High Yield
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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.
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Zhongrong International Trust has mandated banks for a Reg S dollar bond that could hit the market as early as this month.
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Cott Corp, the US-Canadian drinks maker, on Thursday sold a €450m bond to support its buyout of Eden Springs of Switzerland.
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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.
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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.
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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.
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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.
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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.
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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.
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The senior phase of a $405m loan for Blackstone’s acquisition of Indian fintech firm Mphasis has closed, with three new lenders coming in.
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Samvardhana Motherson Automotive Systems Group finally broke India's high yield silence, printing the first trade in over a year. Market participants expect the success of the deal to encourage more Indian HY names to sell bonds the second half of the year.
