Loans and High Yield

Aditya Birla Group company UltraTech Cement has wound up a $365m dual-tranche refinancing with five lenders in the syndicate.

As the European high yield bond market tightened on news of the US Federal Reserve’s rate hike on Wednesday, some high yield bankers pondered whether the market's divergence from its US cousin could be the start of a long term trend, writes Ross Lancaster.

The auction to settle credit default swaps referencing Abengoa will take place in January, after the Spanish renewable energy company last week triggered both failure to pay and bankruptcy credit events.

The European high yield bond market tightened on news of the Federal Reserve’s rate hike but syndicate desks are still wary that the ugly situation in the US may have knock on effects in their market.

Dexter Axle, the US car axle maker, looks set to allocate its leveraged loan package by Friday midday, after having reduced the size of the deal.

The US Federal Reserve finally raised interest rates this week for the first time in nearly a decade, bringing some welcome relief to the market. Although the hike was in line with expectations, observers believe the first few bonds in January will be key in determining the direction of the Asian debt capital market, writes Narae Kim.

Fosun Group has hit the limelight following the disappearance and re-appearance of its co-founder chairman Guo Guangchang, who is understood to be assisting Chinese authorities with an investigation. The news has delayed an ongoing syndicated loan for an affiliated company and has prompted bankers to say they will take a more cautious approach towards privately owned Chinese borrowers. Shruti Chaturvedi reports.

Deutsche Bank has appointed Simon Roue to the new position of head of DCM for Asia Pacific.

High yield credit and stock markets were immediate beneficiaries of the US Federal Reserve's decision on Wednesday to raise interest rates for the first time since 2006.

Terex, the US lifting and material solutions company, has allocated $900m equivalent across two term loan facilities yesterday, widening the pricing on both.

Loans are the last bastion of European corporate finance activity, as the rest of the market falls to Federal Reserve trepidation. But the right message from the Fed could open the door for small, opportunistic trades.

Tata Motors has allocated its $600m dual-tranche refinancing among a group of 36 banks. The company split the amount evenly between a five year and a seven year despite the longer tenor seeing a higher volume of commitments.