Loans and High Yield
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Merger and acquisition loans were noticeably absent in the first quarter of 2015, but despite banker grumbles, Western Europe’s volume has been far from bad. -
ArcelorMittal is in the market with a $6bn loan to refinance two revolving credit facilities, according to bankers involved in the deal.
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Dufry, the Swiss travel retail operator, is assessing how it will use the capital markets to finance its €3.6bn cash acquisition of World Duty Free, announced on Monday.
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Azelis, the chemicals distribution business formed from the merger of Novorchem and Arnaud, closed books on a €240m acquisition loan on Wednesday.
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Ooredoo — Bulgaria — Land Securities — Nidera — AS Adventure
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Swiss travel operator Dufry is set to launch around €1.5bn of loans and bonds backing its €3.6bn acquisition of World Duty Free after the Easter weekend.
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French automotive equipment supplier Faurecia on Tuesday printed a €200m tap of its €500 3.125% senior unsecured bond, then it returned to the high yield market for €100m more.
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Alok Industries’ $475m export performance bank guarantee-backed loan has netted another chunky commitment from a European lender.
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Chinese department store operator Golden Eagle International Trading has launched a $500m three year bullet into general syndication. Eight mandated lead arrangers and bookrunners are on the deal.
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China’s struggling property sector got a much needed boost this week after the Chinese authorities introduced a new set of supportive measures. The new rules will not be a quick fix to the real estate industry’s problems, but they have prompted renewed interest in its bonds, writes Rev Hui.
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Several corporate bond issuers have braved a tricky European market to get deals done before the Easter break. Today, Centrica, the UK energy company, is launching its debut hybrid bond.
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Grand China Air Hong Kong has issued first maiden dollar bond this week, driven by a sizeable reverse enquiry. Although the deal came wider than comps, bankers on the deal argue the deal's success should not be judged on yields alone.
