Loans and High Yield

Moody’s upgraded Europcar's corporate family rating from B3 to B1 on Tuesday, rewarding the car rental group for the improvement in its debt metrics since it raised €475m in its Paris IPO.

European corporate and fund services providers Vistra and Orangefield are holding bank meetings for a $700m transatlantic buyout loan, despite uncertain leveraged finance markets.

BNP Paribas is sounding out lenders for a triple tranche loan that relates to the acquisition of telecom company TDF’s business in France, according to a source.

Hong Kong and China property developer HKR International launched an HK$4.8bn ($619m) dual tranche loan into the market on Monday. Four mandated lead arrangers and bookrunners are helming the five year bullet.

After a second quarter in which leveraged finance borrowers, in the main, felt exuberant, pricing has swung back from tight levels. The market is now trying to gauge the clearing point for new deals.

Europe’s corporate bond new issue market will have another subdued week, following Sunday’s forceful 'no' vote in Greece’s referendum on bailout terms.

It was not just eurozone politicians that came into this week fearing Greece’s impasse with creditors. Leveraged loan bankers were stuck between a confident buyside and stubborn issuers.

The Democratic Socialist Republic of Sri Lanka is eyeing the syndicated loan market having started sounding banks out over a possible $500m trade.

There was renewed bemusement on bond desks in Asia on Monday after Greeks voted against bailout measures over the weekend. There were no new dollar mandates as secondary prices widened but offshore renminbi bond issuers are testing the market.

China Resources Pharmaceutical Group (CR Pharma) it raised $281m from a three year bullet loan having attracted commitments from a total of seven banks.

Analysts at Deutsche Bank said on Friday in their review of the European high yield market that a rise in the main US interest rate would damage the second half of the year for the high yield market as much as a Grexit.

Ping An Real Estate Company has picked three banks to prepare for an offshore renminbi (CNH) market as early as next week.