Loans and High Yield

Grupo MasMovil Ibercom’s €27m minibond will begin trading on June 30 on the Spanish alternative market Marf, the fifth such issue this year.

Sunrise Medical, a German wheelchair maker, will hold a bank meeting on Friday to market a €315m acquisition loan. Like many leveraged finance borrowers this year, it has preplaced the second lien.

Korea Resources Corp (KoRes) has successfully secured an additional funding of $120m with a tap to its existing notes, while China SCE Property opened books for its first outing to the dollar bond market in two and a half years.

Chinese property developer Country Garden Holdings has returned to the loan market for a $400m refinancing loan. The borrowing, which comes about six months after the company raised a club loan of HK$4.5bn ($580m), is set to test the appetite among banks for well-known property names out of the mainland.

Women’s clothing maker E-Land World has increased the size of its latest fundraising to $300m, from $200m as Gulf, Hong Kong and Taiwan lenders threw their weight behind the deal, allowing the borrower to benefit from the excess liquidity.

Details on the margin for Bank Rakyat Indonesia’s (BRI) $550m borrowing have come to light. Although at this point the loan is likely to wind up as a club, some banks are keeping the possibility of further syndication open.

The corporate bond market got going quickly from a standing start on Wednesday with four issuers hitting the investment grade market, emphatically ending the recent dearth of supply.

Ufinet, the telecoms unit of Gas Natural Fenosa (formerly called GNF Telecom), has pulled a repricing of its €295m leveraged loan, in a sign that the market's repricing wave may be breaking.

CVC Partners on Tuesday offered a €1bn two tranche bond, which will fund its acquisition of German cosmetics retailer Douglas Holding from Advent International.

Leveraged finance bankers said on Monday that Altice could get “financing at the drop of a hat” for a possible takeover of rival Bouygues Telecom, but added that negotiations for the deal could be hairy.

Obrascón Huarte Lain, the Spanish construction company and high yield borrower, faces a political review of its €500m Canalejas project in Madrid, but the high yield market has so far reacted well to the news.

Indomobil Finance Indonesia has tripled the size of its facility to $300m following rousing demand from banks, with the syndicate group seeing no scaleback in their final holds.