Loans and High Yield

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.

A spate of aggressively structured acquisition loans arranged by Chinese banks, dubbed ‘Chinese TLB’ sent ripples through the syndicated loan market this year. Foreign banks, unable to match terms offered by their Chinese counterparts, are having to deal with shrinking opportunities to finance offshore Chinese M&A, writes Shruti Chaturvedi.

The Asian high yield bond market did not had a vintage year in 2015 with a dramatic reduction in volumes thanks in no small part to troubles surrounding China. With no end in sight for the slowdown in the world’s second largest economy, bankers are predicting a switch in strategy to deal with the difficult year ahead. Rev Hui reports.

The deadline for replies on NGA Human Resources’ £320m seven years term loan ‘B’ passed on Thursday, in a deal that will help the company fully pay down existing debt.

New York Stock Exchange listed Trina Solar is the latest Chinese company to announce plans to go private, and has picked Industrial Bank as the financial adviser and arranger of the debt financing.

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

Syndication for a $145m loan backing the Blackstone Group’s acquisition of business process outsourcing assets in India is close to winding up.

Both the investment grade and high yield markets in Europe ground to halt on Monday, as the approaching holidays put the brakes on the market and volatility spikes.

David Lloyd Leisure, the UK gym and spa firm, has final replies due at close of business on Monday for its £380m loan recapitalisation.

The loan market brought in the Christmas period in style at the Loan Syndicate Managers' Forum carol service last Wednesday. The singing was angelic, the mulled wine delicious and the sermon inspired some intriguing ideas.

Nomura's head of southeast Asia debt capital markets is understood to be leaving the firm at the end of this month.