Loans and High Yield

A recent succession of frontier market sovereign loans have given banks an opportunity to build relationships with these countries. Outwardly, some lenders may find it hard to stomach Mongolia, Pakistan and Sri Lanka risk. But a more nuanced view is needed. Getting in early will allow banks to be part of their development story.

Bridon Bekaert has allocated its €250m acquisition loan at the early bird stage, with no further syndication required.

Parex Group, the French producer of chemicals for the building industry, began roadshowing on Monday for a €150m floating rate note, in the busiest month yet this year for the European high yield market.

Diebold, the US cash machine (ATM) manufacturer, had bank meetings this week for its $1.3bn term loan ‘B’, backing its $1.8bn acquisition of Wincor Nixdorf.

Perennial Real Estate raised S$125m ($90.4m) from a three year bond on Thursday, the latest in a flurry of deals in Singapore’s debt market.

A $300m three year loan for Development Bank of the Philippines (DBP) has been allocated, with the borrowing capped at the launch size despite an oversubscription.

Delight spread through Europe's high yield market on Thursday afternoon, as LeasePlan, the Dutch car finance bank that had ignominiously pulled a €1.55bn LBO financing in February, succeeded in pricing the deal on its second attempt, writes Victor Jimenez.

Lenders and bondholders representing 40% of Abengoa’s creditors joined efforts on Thursday with the company’s founding family, the Benjumeas, to present a rescue plan of a name that has become Spain’s most infamous borrower of recent times.

TeamSystem, the Italian business software vendor, has funded the entire €600m of debt for its leveraged buyout by Hellman & Friedman with privately placed bonds — an event some high yield bankers and investors see as impressive, but not necessarily starting a trend.

Babson’s chief investment officer for European high yield is to leave the firm, along with another director, for a specialist asset manager.

India's Dewan Housing Finance Corp is tapping the loan market for a $100m financing, three months after it held a non-deal roadshow in Asia.

Ping An Real Estate Capital, a subsidiary of Ping An Insurance Group, is hunting for $200m from the syndicated loan market.