Loans and High Yield
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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. -
Credit Suisse’s co-head of high yield cash and CDS trading in Europe has left the bank to focus on philanthropic efforts, a spokesperson has confirmed.
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Moody’s has released figures reflecting just how poorly leveraged finance in Europe fared in February, with loan issuance falling 70% from January's high.
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Dutch-registered oil company Sequa Petroleum on Wednesday announced plans to offer a new secured bond in the Nordic market, to finance its purchase of a 15% stake in Statoil’s Gina Krog field development.
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The investment grade corporate bond market has been on a wild ride since European Central Bank president, Mario Draghi announced that he would add euro-denominated corporate bonds to the bank's asset purchase programme on Thursday.
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Fortune Oil PRC Holdings is in the market for a $240m three year loan that will refinance debt signed in October 2013.
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Carnival Group International Holdings executed its first dollar bond on Tuesday, raising $180m with a three year transaction that was supported by anchor orders.
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Mongolia is seeking up to $500m from its syndicated loan debut and has already received $250m of the funds.
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The €150m floating rate note issued on Tuesday by Parex Group, the French construction chemicals manufacturer, has single-B ratings. However, high yield market participants said they need to see more issues before being able to draw clear conclusions about pricing for single-B issuers.
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Western Digital, the US computer data storage manufacturer, had bank meetings Wednesday in London for its $9.5bn loan package, backing its $17bn acquisition of SanDisk.
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Sappi Papier, the Austrian-South African paper manufacturer, is seeking to issue €350m of secured notes to refinance its 2021 dollar bond, in a European high yield market that has brought forward its post-Easter pipeline of deals.
