Loans and High Yield

Hungary landed a double milestone on Thursday as its first international bond in four years became the first dim sum bond since November 2015. And while the pricing of the deal has drawn criticism, it proved that RMB is a viable option for CEE sovereigns looking to diversify into Asian currencies.

For assessing risk aversion in debt capital markets, the figure of how many corporate high yield bonds are sold during a certain period comes can be a handy reference, but not this year.

Arrow Global, the UK consumer debt manager, printed a €225m floating rate note on Thursday to fund its buyout of consumer debt purchaser InVesting and repay its revolving credit facility.

Taghleef — Hungarian Eximbank

Indian company Shriram Transport Finance is holding conversations with banks for a rupee denominated offshore syndicated loan — the first of its kind. The talks follow a change in guidelines late last year for overseas debt raising, as the central bank encourages the development of the Masala market.

Taghleef Industries, the Dubai-based food packaging film maker owned by Al Ghurair Group, is marketing a €285m seven year loan.

Buzzi Unicem, the Italian cement and concrete group, is planning a European-targeted bond issue to tackle €510m of debt maturities this year.

JP Morgan has made one of its managing directors in New York head of loan & high yield capital markets in EMEA, filling a one year old void.

Malaysia's Maybank has priced its latest $400m five year bullet loan tightly at 95bp over dollar Libor, launching the deal into general syndication last week.

The London Stock Exchange’s Orderbook for Retail Bonds (Orb) is about to reach £185m ($260.05m) of issuance so far this year, after Burford Capital’s £75m bond announcement on Wednesday.

Nomura’s restructuring of its overseas activities has led to several senior directors in leveraged finance in both the US and Europe leaving the bank this week.

Arrow Global, the UK consumer debt manager, will start investor meetings on Thursday for a €225m floating rate note to fund its buyout of InVesting BV and repay its revolving credit facility.