Loans and High Yield
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HeidelbergCement issued a benchmark high yield bond on Monday that was increased to €1bn and nearly three times oversubscribed. -
Ball Corp, the US metal packaging manufacturer, has signed $4.15bn of debt facilities backing its $6.4bn acquisition of Rexam, the UK can manufacturer.
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Holding Slovenske elektrarne (HSE), the largest power generation firm in Slovenia, has pulled its bond — a sign that European high yield is still cautious, despite increased bond sales in March.
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Indonesian developer Grahamas Adisentosa is seeking a long-term loan of $1.458bn to fund the construction of a 111-storey building in Jakarta.
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Italian TV producer Giglio Group's €3.5m minibond began trading on the Milan-based ExtraMOT Pro exchange this week — showing that the market is still finding issuers, despite the European Central Bank's efforts to boost bank lending.
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With this week’s bond roadshows surfing the wave of the European Central Bank’s latest stimulus, more high yield notes have come in March than in January and February combined. But unease remains about how much mileage is left in this rally.
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As the European high yield market showed signs of becoming friendlier to borrowers, French car parts supplier Faurecia on Thursday sold €700m of notes to redeem a €490m unsecured bond.
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Sappi Papier, the Austrian-South African paper manufacturer, sold €350m of secured notes at 4% to refinance its 2021 dollar bond, in a European high yield market that has brought forward its post-Easter pipeline of deals.
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DebtXplained, the leveraged finance covenant specialist, has hired a new European sales director with loan experience to a reach broader client base.
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After disclosing on Wednesday details on its €9.3bn debt restructuring, the renewable energy multinational, Abengoa told GlobalCapital it may push to extend the length of its three month pre-insolvency proceedings.
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High yield credit has enjoyed a sustained rally over the last five weeks and investors have taken advantage through exchange traded funds.
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The Asian syndication of a jumbo loan to back China National Chemical Corp’s (ChemChina) acquisition of Syngenta is seeing interest from many international lenders in Asia. Banks are weighing the benefits of the borrower’s state ownership against the weakness of its financials on a standalone basis, writes Shruti Chaturvedi.
