Loans and High Yield
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Recent troubles at Lending Club have only compounded risk in the peer-to-peer credit market.
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Hotelbeds, the travel services operator based in Majorca, launched syndication for its €490m term loan ‘B’ on Thursday. The loan will be used for Cinven's and CPPIB's acquisition of Hotelbeds. -
Expectations in the European high yield market about issuance volumes for 2016 are falling below the €50bn mark as low rated and new borrowers remain absent.
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Financial institutions have been propelling loan activity this year raising $4.2bn in Asia ex-Japan to become the third largest contributor to total volumes year-to-date. While Indian, Indonesian, Malaysian and Philippine banks have been regulars in the market, banks from geographies as far away as Latin America and the Gulf are also tapping Asian, specifically Taiwanese, liquidity, write John Loh and Shruti Chaturvedi.
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China Hongqiao Group is in the market for a $700m three year refinancing that launched on May 16, via seven bookrunners. The loan offers fees that encourage lenders on a 2015 loan to up their exposure to the company.
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Indonesian textile company Delta Dunia Sandang Tekstil has sent out preliminary invitations for participation in its latest $260m fundraising.
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Credit Suisse has promoted its head of US leveraged finance capital markets to vice chairman of acquisition and leveraged finance capital markets, which is a recently created role.
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GlobalCapital presents its annual High Yield Bond Awards 2016. These awards are determined entirely by a poll of market participants, and celebrate the outstanding issuers, funding officials, investment banks, bankers and rating agencies in the high yield between May 2015 and April 2016. Congratulations to the winners and nominees.
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Eir, Ireland’s largest telecoms operator, plans to issue a €150m revolving credit facility according to a statement filed at the London Stock Exchange.
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Germany’s HeidelbergCement on Wednesday issued a benchmark high yield bond that was rapidly increased to €750m while its final terms tightened 20bp from initial price talk.
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The investment grade corporate bond market is going through a soft patch, with new deals underperforming in secondary and new issue premiums widening. So far, though, issuers have not been put off.
