Loans and High Yield

Car parts distributor LKQ is set to become the first US company this year to issue a high yield bond in euros — and more US names may be on their way, bankers say.

Arrow Global, the UK distressed debt buyer and manager, on Friday announced the buyout of Dutch peer InVesting, in a deal to be funded using current debt facilities.

Voting closes today for GlobalCapital’s 2016 Bond Awards.

Chongqing Red Dragonfly Oil has raised a $126m onshore loan with a group of seven lenders joining in syndication.

Indonesian television broadcaster MNC Sky Vision is back in the loan market for a $275m borrowing with two lenders at the top. The company was recently slammed by a credit rating downgrade because of rising leverage and weakening performance.

Europe’s private debt market is growing, as companies seek funding diversity and longer maturities than offered by bank loans. GlobalCapital estimates there was €45bn of issuance of private debt to institutional investors last year.

ChemChina gave 11 banks allocations in the $20bn tranche of its Syngenta acquisition loan on Thursday, bringing the total number of banks in the syndicate to 16.

Norske Skogindustrier, the Norwegian manufacturer of paper for publication, announced on Thursday that GSO Capital and Cyrus Capital would provide new securitization and equity financing to save the company.

The Asia ex-Japan loan market betrayed little direction in the first quarter and the mood of syndication bankers is one of measured optimism for the year ahead. Bankers are making diversification their new goal and are hunting down opportunities in newer sectors, writes Shruti Chaturvedi.

Bank of the Philippine Islands (BPI) is poised to make its debut in the international syndicated loan market with a $250m fundraising.

Blount International, the US farm and forestry equipment manufacturer, joined in this week’s trend of widening prices in a leveraged loans market where demand is hard to find.

Geely Automobile Holdings is laying the groundwork for a dollar-denominated green bond that is expected to launch in the middle of the year.