Loans and High Yield
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The European private placement market has now reached half the size of its US counterpart, according to recent research into European issuers' markets led by Standard & Poor's credit analyst, Alexandra Krief. And it is set to grow further. -
Astaldi, the Italian construction group, has signed a $5bn financing deal with banks to back a motorway project in Turkey.
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Euro high yield investors on Thursday had more than €1.8bn of bonds to consider and two more tranches in euros whose final sizes were yet to be set — New Look, the UK fashion retailer, being at the forefront with the largest offering.
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United Biscuits has returned to the leveraged loan market, seeking a repricing of around £960m-equivalent of debt, raised in December to back its buyout by Yildiz Holding, the Turkish foods group.
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Oi, the Brazilian telecoms company, is seeking to issue a €500m high yield bond, and buy back four old euro bonds.
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Chinese online gaming company Giant Interactive, which wrapped up a $850m leveraged buyout less than one year ago, will prepay the money this month.
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A flurry of borrowings by companies from Hong Kong and China has revitalised the sluggish syndicated loan deal flow in the region. Bankers expect more activity out of the area with a clearer view on the renminbi, bond investors’ skittishness on high yield and access to a diverse banking group luring borrowers to syndicated loans, writes Shruti Chaturvedi.
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Bad debt manager China Great Wall Asset Management Corp has started receiving bids for a three year offering on June 11 and is looking to hook investors with an attractive initial price guidance.
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Peter Higgins, former partner and global head of long-only credit strategies at BlueBay, has left the asset management firm.
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CMA CGM, the French shipping group, raised €175m on Tuesday by tapping its €550m senior unsecured bond, sold on Wednesday last week, when it abandoned a planned dollar tranche.
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Around €2bn of leveraged loans backing CVC’s acquisition of Douglas, the German perfumery chain, is set to hit the market. Arrangers are lined up and the buy side is craving new deals.
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Minimax Viking, the German fire protection systems provider, has repriced both dollar and euro tranches of €701m-equivalent of leveraged loans within guidance, but at different ends.
