Loans and High Yield

CNH Industrial, the Netherlands based agricultural equipment manufacturer, issued €500m of seven year notes on Tuesday, continuing the corporate bond market's run of double-B issuance as single B deal flow also begins to pick up.

Double-B rated issuers WEPA Hygieneprodukte, Europe’s leading privately owned tissue manufacturer, and Barry Callebaut, the Swiss chocolate producer, both followed Volvo’s lead in launching bonds on Monday, helping to keep a stuttering primary market active.

The €640m loan for German hardware manufacturer Stabilus will include a €115m bridge to equity facility.

Cision, the Chicago-headquartered cloud based PR firm, has launched a €250m term loan ‘B’ just over a week after launching a $1.1bn dollar tranche for its $850m acquisition of PR Newswire.

Allocations have been issued for a $455.75m loan to support Baring Private Equity Asia’s acquisition of Singapore-based Interplex Holdings.

Standard Chartered's regional head of loan syndications for Greater China and northeast Asia has resigned to move to a rival, according to a source.

April brought a continued positive shift in the difference between credit default swap spreads and cash spread equivalents, the CDS-bond basis, among US dollar denominated corporate bonds.

High yield issuance has risen in the lead up to the European Central Bank’s corporate bond buying — but investors and bankers say the programme needs to attract US borrowers if there is to be a real impact in this market.

Inovyn, the UK-headquartered PVC producer 50% owned by Ineos, and Telenet, the Belgium broadband services provider owned by Liberty Global, both had replies due on Thursday for loan packages.

China’s push for an onshore CNH bond market is quickly taking shape with Shanghai International Port Group (SIPG) mandating Bank of China (BoC) to arrange a sale. But the scheme’s biggest challenge is likely to be overcoming the market’s widespread scepticism. Carrie Hong and Rev Hui report.

Dollar loan volumes from India have risen 10% so far this year, with numbers driven mainly by fundraisings for large conglomerates and state-owned firms. This is despite a slump in overall activity in the rest of Asia. But the lukewarm response during syndication for some of the recently closed deals indicates a pushback on pricing from retail lenders, writes Shruti Chaturvedi.

Hong Kong-listed conglomerate Dah Chong Hong is readying a loan to back its acquisition of Li & Fung’s Asia consumer and healthcare distribution business.