Loans and High Yield
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Simon Allocca, head of loan markets at Lloyds Bank, is moving to a new job at the bank.
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Sweden’s largest oil refiner, Corral Petroleum Holdings, is in talks with lenders to renew a $1.8bn revolving credit facility — but first, it needs to refinance its 2017 dollar and euro payment-in-kind notes. -
Indian data service provider Tata Communications is understood to be in talks with lenders for a loan of $250m.
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Hong Kong’s Hsin Chong Construction Group managed to get a difficult $150m bond away this week, braving volatile markets with a two-day execution and private bank backing.
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Abengoa provided the first credit event auction of the year on Thursday and settled at a low price, after ISDA’s DC reached a split vote decision in December on the Spanish renewable energy company triggering a failure to pay trigger for 2014 credit default swap transactions.
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Alvarez & Marsal, the restructuring firm that handled Lehman Brothers’ bankruptcy, is set to deliver a scheme for Abengoa to avoid bankruptcy early next week. Bankers said the high yield market should cope whether the company survives or not.
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La Financière Atalian on Tuesday sold the first European high yield issue of the year, but the market has yet to display a convincing pipeline, in the eyes of bankers and investors.
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EPH — Markit — BankDhofar — Tele2 — Infinitas — LGC
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Investors in the public high yield bond market have gone right off riskier structures such as payment-in-kind notes, only two months after they eagerly grabbed a €1.1bn PIK deal for ICBPI, one of the biggest of its kind.
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Law firm Dorsey & Whitney has hired a partner as part of its expansion in the private equity and acquisition finance sectors.
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NGA Human Resources has commitments due Friday for a £320m refinancing package, after having extended the deadline from December on investor pushback and widened pricing.
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A big spike in the interbank rate for offshore renminbi has cast doubts over the development of the nascent CNH Hibor loan market. The changes in the overnight rates unnerved bankers, who responded that a wait-and-watch approach would be the most sensible, writes Shruti Chaturvedi.
