Loans and High Yield

MMI International’s $580m five year borrowing has been allocated, with 11 banks joining the mandated lead arrangers and bookrunners during general. Taiwanese banks, which covered the entire retail portion of the syndication, were not left disappointed with their allotments as one of the MLABs sold down a sizeable amount.

Darling Ingredients, the Texas-based food ingredients maker, sold a €515m senior unsecured bond to yield 4.75% on Friday, even as French cable manufacturer Nexans was pulling its €250m deal.

Nexans, the French cable manufacturer, became on Friday the first double-B rated issuer to pull a European high yield bond this year. It cited unfavourable pricing and volatility in the market.

BCA Marketplace, the UK used car vendor, has allocated a £375m post-IPO refinancing loan, after increasing the facility and cutting its margins.

Singaporean hospitality brand Banyan Tree Holdings has priced a five year note, reaping S$100m ($77m) from the offering.

Peking University Founder Group (Founder Group) tapped the dollar market for the first time on May 28 and managed to bag $500m from a three year bond. While the timing of the trade surprised market observers, they were impressed by the outcome.

The International Swaps and Derivatives Association’s determinations committee was due to meet on Thursday evening to decide whether credit default swaps referencing Grohe, the German bathroom fittings maker, had been triggered by the insolvency of a subsidiary.

Equity and bond investors are braced for the revelation — expected as early as June — of European regulations that are likely to force the unbundling of payment for research.

Dell, the US personal computer maker, has launched a repricing of $3.6bn of loans to cut margins and bring documentation into line with more bond-like market standards.

Penn Engineering, the US fasteners maker, has launched a $465m-equivalent repricing to cut margins on its dollar and euro loans by 50bp.

BSN Medical, the German bandage maker, has won a strong response to its new term loan 'C', and has decided to cut pricing on both that and a pre-existing term loan 'B'.

French car rental company Europcar, which last week filed for an IPO, received on Wednesday strong demand for its €475m refinancing offer.