Loans and High Yield

A $125m loan for Bharat PetroResources International (BPRL), a subsidiary of Bharat Petroleum Corp (BPCL), has launched into targeted syndication.

Swedish group Akelius Residential Property on Wednesday sold €300m of unsecured notes with speculative grade ratings, entirely to investment grade investors.

Technicolor, the French media company, has raised a €375m five year incremental term loan maturing, which is due to be syndicated in the coming days.

Corporate bond issuance continued apace on Monday, after last week’s busy activity. Five deals hit screens, despite a rising feeling among arrangers that the market was too congested.

Ardian has raised €2bn with its third generation private debt fund, with 40% allocated already.

Mizuho International’s European head of high yield credit trading has left the job at the bank and will not be replaced.

Com Hem, the Swedish cable company, plans to redeem €187m of notes issued by its subsidiary NorCell Sweden Holding 2, using new and existing loans, reducing its interest costs by 100bp.

Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) has wrapped up and allocated its latest borrowing of $200m, double the launch size, despite struggling to gain traction in the beginning.

Philippines’ Rizal Commercial Banking Corp (RCBC) is considering increasing the size of its $200m three year fundraising, after gathering commitments from 15-16 banks in syndication.

Indonesia's Mitra Pinasthika Mustika Finance has tasted success with its maiden outing in the offshore syndicated loan market, increasing its deal to $150m and establishing relationships with lenders across Asia.

Chinese property developer Gemdale Corp is in the market to buy back $500m worth of bonds as the company seeks to optimise its capital structure.

Bond and equity investors in Abengoa, the Spanish renewable energy company, took heart this week after Standard & Poor’s affirmed its rating after the market close on Friday, September 11.