Loans and High Yield

A group of 10 banks is in discussions with semiconductor firm Micron Technology for a NT$80bn ($2.5bn) loan to back its acquisition of Taiwan’s Inotera Memories.

Solera Holdings’ $3.9bn debt acquisition package has been reduced, following insufficient demand for the $2bn-equivalent bond’s euro tranche.

One of UBS's most senior managing directors in European leveraged finance has left the bank.

The Monetary Authority of Singapore (MAS) published a paper on banks’ underwriting and corporate lending businesses on Monday. While the central bank did not observe a deterioration in underwriting standards, it cautioned the country's lenders about the increasing use of working capital and bullet loans.

A $925m refinancing for Birla Carbon has received commitments from eight banks, taking the total number of incoming lenders to 10. The loan, which has been in syndication for three months, is likely to be allocated in early March.

China Oriental Group completed a buy back of a portion of its outstanding dollar bonds this week with the transaction closing at a tender rate of 28.9%.

Abengoa, the Spanish renewable energy multinational, has filed for bankruptcy in the US under its operating subsidiary there: Abengoa Bioenergy US Holding.

A $430m five year loan for Baring Private Equity Asia’s acquisition of cosmetics packaging company HCP Global has launched into general syndication.

The high yield market, desperate for some good news, was left waiting by the phone on Thursday as Solera Holdings' $2bn of notes were said to be struggling to get priced, even though they offered a 11% yield.

Coal is about the most basic commodity. It has become deeply unfashionable in recent years, tarred as the worst culprit in global warming. The charge may be true, but the accusations are so vehement partly because promoters of other hydrocarbons — oil, gas, biofuels — want to disguise their own responsibility.

Pirelli will not refinance its €6.8bn acquisition bridge loan in the bond market as planned. A torpid high yield bond market has spooked the borrower away from capital markets and back to bank loans.

Goldman Sachs — Kurt Geiger — Genus — Heathrow — Investec — EPH