Loans and High Yield

Moody's Liquidity Stress Index, which calculates the ease of access to cash for speculative grade companies, has risen slightly since its all time low in February, as demand in the high yield market has cooled.

China's Yingde Gases Group has cut the size of its syndicated loan to $100m from $150m, in favour of raising additional funds from an onshore renminbi bond.

Ladbrokes has signed £1.3bn of loans to be used in its acquisition of Gala Coral Group.

Private equity firm Permira is merging German debt collector Garfunkelux, which it acquired in July, with British peer Lowell Group — a deal that could play the ‘market opener’ role bankers and investors have awaited since September.

Fixed income specialist SC Lowy has set up a par loan trading platform in Asia, as it seeks to tap into the growth of the secondary loan market in the continent.

Chinese developer Soho China has extended the offer period to buy back its existing bonds by a week, after noteholders tendered just 36% of the company’s 2022s.

Tata Motors is looking to refinance an outstanding $600m loan, marking the fourth time a Tata Group company is tapping the syndicated market this year.

AAA Oils and Fats, a trading subsidiary of palm oil processor and distributor Apical Group, is in the market for a loan of up to $130m.

Coal miner Adaro Energy, which has been in talks with its relationship banks for a loan to refinance debt, has sent out a formal request for proposals.

The Singapore Exchange (SGX) has picked UBS as the general counterparty for its upcoming over-the-counter (OTC) electronic bond trading platform called SGX Bond Pro.

Hellman & Friedman is acquiring a majority stake in the Swedish company Securitas Direct with a €2.7bn financing package involving bonds and loans — but market sentiment remains downhearted.

Intertrust — Bravida — Nomad Foods — Tritax