Loans and High Yield

An experienced credit trader has left Mizuho in London and is heading to a brokerage firm in Madrid to set up a high yield trading platform.

The AA, formerly the Automobile Association, the UK car breakdown assistance group, on Wednesday began marketing £735m of class 'B' notes.

Apax-owned Top Right, the UK information and events group, has launched a £435m-equivalent refinancing loan that will be denominated in dollars and euros.

German online directories and listings company Scout24 set out price guidance on a €400m add-on loan on Tuesday, pushing leverage up after a stellar year’s performance.

Prices of Tullow Oil’s two high yield bonds this week withstood a one notch Moody’s downgrade to B3, as analysts said it was the result of a downgrade of Ghana rather than Tullow's own difficulties.

After a challenging couple of weeks that bankers have blamed on oversupply, the primary European corporate bond market has settled into a more moderate pace, but Air France KLM will test its resilience on Wednesday

Chinese conglomerate HNA Group (International) has made its way to Singapore, raising S$128m ($93m) from a two year offering.

IL&FS Transportation Networks has wrapped up its third outing to the offshore renminbi (CNH) bond market, successfully raising proceeds to repay an outstanding debt that comes up for redemption at the end of April. This time the issuer enhanced the credit support with a guarantee from its onshore parent.

Puma International Financing is raising a $725m multiple tranche loan for refinancing and general corporate purposes. A diverse set of banks have formed the top level group, with lenders from Australia, the Middle East, China, Europe and South Africa in lead roles.

Air France KLM may have to offer a yield of up to 6% on its unrated hybrid bonds, according to market participants.

Morgan Stanley has appointed Kamal Jabre as head of financial sponsors EMEA, in what is expected to be a final move in its reshuffle of senior leadership.

French property management firm Foncia has allocated its €270m add-on to acquisition loans after tightening pricing on the deal.