Loans and High Yield

Corporate bond issues in Europe are coming thick and fast, as the market settles into a groove after being transformed by the European Central Bank’s quantitative easing ramp-up in March.

Indonesian hypermarket operator Trans Retail has enlisted one bank to arrange a $125m refinancing, with invitations sent out to lenders.

The Reserve Bank of India has given the nod for infrastructure companies to access foreign currency debt for shorter maturities than originally allowed — making a rare U-turn just four months after putting a new framework together. The RBI may have got it wrong first time around but it’s comforting that it lost no time in setting things right.

A $315m five year loan for Stats ChipPac has been signed after being in syndication for six months. Eight banks eventually formed the lending group.

Taghleef Industries, the Dubai-based food packaging film maker owned by Al Ghurair Group, is marketing a €280m seven year loan.

The clock is ticking for European high yield telecommunication companies, which have €35bn of notes to repay in 2020-2023 — but refinancing issuance has been put on hold in the meanwhile, bringing down total high yield market issuance sharply.

Pan-European issuance of corporate private placements nearly doubled to €13.8bn in 2015 from €7bn in 2014, according to Standard & Poor’s.

More details have emerged on a $405m loan being underwritten by three banks to fund Blackstone’s purchase of a stake in Indian fintech firm Mphasis.

Vallourec, the French tube maker that has been hit by falling capex in the oil and gas industries, began separate trading of its shares and rights on Monday, after the launch of its €480m eight-for-five rights issue last Friday.

German automation equipment maker Schenck Process is returning to the loan market to refinance senior and mezzanine credit facilities with a €455m loan. It had to pull a €605m deal last June because investors thought the terms were too aggressive.

InterXion Holding, the Dutch data centre operator, sold on Monday a €150m tap of its €475m 2020 bond to fund new facilities in France and Germany.

Allocations have been revealed for a $274m triple-tranche loan for Indian pharmaceutical firm Strides Arcolab's acquisition in Australia.