Loans and High Yield

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.

Cinven is supporting its acquisition of Labco with a backstop facility from JP Morgan that will back the transaction until it finalises a long term capital structure.

CMA CGM, the French container shipping company, is offering $800m-equivalent of senior unsecured notes to refinance some of its old bonds, after being upgraded by Moody’s to B1.

Garuda Indonesia made its very first appearance in the offshore bond market with a dollar offering in sukuk. Despite the lack of rating and government guarantee the state-owned entity attracted investors with a huge yield pick-up over the sovereign’s sukuk.

The continuing saga of Kaisa Group Holdings reared its ugly head once again this week when Sunac China Holdings announced it had terminated the acquisition of a stake in the troubled property developer. But that had little impact on the primary pipeline, with two high yield real estate companies raising a combined $600m.

Bank Rakyat Indonesia (BRI) has picked a consortium of more than 10 banks to supply its $550m club loan. The lender had sent out a request for proposals for a $400m fundraising back in March.

Cellnex Telecom, the broadcasting towers business of infrastructure group Abertis, plans to issue its first bonds to reshape its €1.1bn of corporate debt.

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'.

Nexans, the French cable manufacturer, said on Wednesday it wanted to issue €250m of high yield notes to refinance €212.6m of convertible bonds maturing on January 1 next year.

Garuda Indonesia ventured into the international market on a busy May 27 with a dollar offering in sukuk format. The borrower is up against an Islamic bond offering from Hong Kong but opted to go ahead after strong feedback in investor meetings.

Europe’s corporate bond market has been a more unpredictable place since the backlash against extreme interest rate reduction began a couple of months ago – but demand is still brisk and issuance is lively.

Lower rated property developers from China are firmly back on the menu for fixed income investors with Fantasia Holdings Group the latest to try its luck on May 27.