Loans and High Yield
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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. -
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.
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Bank of America Merrill Lynch has promoted a new head of global capital markets from its leveraged finance division.
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As the European high yield market shows signs of becoming friendlier to borrowers, French car parts supplier Faurecia on Tuesday offered €500m of notes to redeem a €490m unsecured bond.
