Loans and High Yield

Plans to settle Norske Skog credit default swaps by auction were still at an impasse on Thursday, after ISDA’s EMEA Determinations Committee was unable to find crucial paperwork despite meeting three times this week.

Kuoni, the Swiss travel firm, finally allocated a €575m seven year cov-lite term loan ‘B’ at much wider pricing than original talk, and after a drawn out syndication process.

The International Finance Corp and ADM Capital have launched a new $100m fund that will be used to syndicate loans to cash strapped small and medium sized companies in Asia, which have found themselves locked out of debt markets. While the venture wants to be a safety net for SMEs, the market will take some convincing, writes John Loh.

Mitra Pinasthika Mustika Finance is poised to launch a $100m borrowing into syndication next week, with the Indonesian firm having mandated a trio of banks to arrange the deal.

Indonesian state-owned oil company Pertamina has requested proposals from banks for a $1bn five year loan that includes a greenshoe option, according to bankers.

Zhejiang Geely Holding Group is set to sell its first dollar-denominated green bond on Thursday that comes with a standby letter of credit from Bank of China’s London branch. The offering marks the third dollar green debt to be sold by a Chinese issuer.

Hanesbrands, the North Carolina clothing maker, printed a €500m bond on Thursday to fund recent acquisitions in Italy and Australia.

Allnex, the Brussels-headquartered coating resins business, has released price talk on its €760m cov-lite term loan ‘B’ while Amor, the German jeweler, has launched its €145m buyout debt package.

Marlin Enterprise has opened syndication for a $425m five year loan to finance its acquisition of a gold mine in North Sumatra in Indonesia, said bankers working on the trade.

After the extremes of recent weeks, with enormous order books and sometimes negative new issue premiums, Europe’s corporate bond market has reached a steadier cruising speed this week.

Chinese sportswear manufacturer 361 Degrees International is looking to make its maiden appearance in the dollar bond market, having mandated one bank to work on the proposed issuance.

Swiss chocolate manufacturer Barry Callebaut was on Tuesday five times subscribed on a bond offering after testing European investors’ palates during a five day roadshow.