Loans and High Yield

PQ Corp, the US inorganic chemicals producer, and Inovyn, the UK-headquartered chorvinyls producer — both partly owned by Ineos, the petrochemicals company — are marketing over $2bn of refinancing debt over the coming days.

The International Swaps and Derivatives Association's EMEA Determinations Committee has ruled that Norske Skog has triggered a restructuring credit event.

Mario Draghi, European Central Bank president, is known for playing with his bazooka. Right now, it feels more like his Badedas. The capital markets are swimming in froth, as surely as if Draghi had doused them with revitalising bath goo.

Two single-B credits launched in the European high yield market this week — Cirsa and Preem — taking April's tally to four. Only six single-B deals of at least €100m have been priced so far this year, with some observers expecting the stream to continue.

The recent spate of pulled bonds in China has served as a wake-up call about the fickle nature of the country’s domestic debt market. But the success of the first offshore high yield dollar transaction in more than a month has led to hopes Chinese names could make their way back to international debt, writes Rev Hui.

Two privately owned Indonesian companies have hit the loan market with attractive margins on offer, marking a break from thinly priced deals by state-owned firms. But the mood among bankers is one of caution. While the outcome will provide a clear picture of the appetite for Indonesia, the syndications will face challenges. Shruti Chaturvedi reports.

Chili, an Italian online video platform, plans to list a €1.875m minibond next week on the Milan-based ExtraMOT Pro exchange.

The leveraged loan market in Europe is close to a standstill. Only two deals launched this week, Solenis' €100m incremental term loan ‘B’ and PQ's $300m equivalent term loan 'B', and bankers said there is little more notable issuance to come.

Panama’s Global Bank eyes Asia liquidity — Indo Eximbank in $725m fundraising — Protelindo in bilateral talks

Indonesia’s Chandra Sakti Utama Leasing (CSUL) has approached the loan market for $80m, in a deal that comes backed by its accounts receivable.

Mongolia has received commitments from Chinese lenders for its debut syndicated loan of up to $500m.

Buzzi Unicem, the BB+ rated Italian cement and concrete group, on Wednesday issued €500m of seven year notes with minimal support from high yield funds.