Loans and High Yield

Darling Ingredients, the Texas-based food ingredients maker, is marketing a €515m senior unsecured bond to repay borrowings under its euro term loan ‘B’.

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

Indonesian tower company Solusi Tunas Pratama’s latest borrowing has been allocated among 20 lenders. The deal, which is to refinance what is left of a bridge it sealed with five banks in December last year, saw scalebacks of nearly 50% on bank commitments.

Europcar, the French car rental company which last week filed for an IPO, began a three day roadshow on Tuesday for a €475m high yield bond issue.

Medical Properties Trust, the US real estate investment trust, on Tuesday began sounding European investors for a euro bond.

State owned China Energy Reserve and Chemicals Group opened books for a tap to a debut bond, which since its sale on May 5, has tightened by almost 60bp. The issuer is taking advantage of the strong secondary demand to raise additional funding.

A finale to end all finales, in which our hero learns the shocking truth of the negative rates and comes face to face with the mysterious Dr E. Seabee.

Chinese broker Southwest Securities became the latest offshore renminbi (CNH) issuer to take advantage of abundant liquidity in the market when it sold a three year dim sum bond on May 21. The unrated debutant achieved its targeted aims in terms of pricing and size.

Chinese department store operator Golden Eagle International Trading is likely to increase the size of its latest borrowing for a second time, to $700m. General syndication, which was launched in early April, coincided with a rating downgrade of parent Golden Eagle Retail Group by Fitch but an attractive yield and good financials helped see the deal through, said bankers.

When the US Federal Reserve started to regulate leveraged finance in 2013, the news was almost shocking.

French chemicals manufacturer Novacap priced a €95m tap of a bond, with loan investors, starved of supply in their market, flocking into the floater.

Rexel, the French maker and distributor of electrical supplies, priced a €500m high yield bond tightly on Wednesday.