Loans and High Yield

Obrascón Huarte Lain, the Spanish construction company, has managed to achieve savings of 325bp while making banks on the deal bridge the gap between the offer price and what investors have paid to them.

Indonesian tower company Solusi Tunas Pratama is in the market for a triple tranche loan to take out what is left of a bridge it sealed with five banks in December last year.

The hot demand in Europe's credit markets has already brought a stream of US investment grade borrowers to issue in euros. This week, four US high yield issuers rated single-B joined the caravan, writes Victor Jimenez.

Final terms were released today for the €600m loan in euros and dollars to fund the merger between publishers Springer Science and Macmillan Science and Education.

Nervousness ahead of this week's Federal Open Market Committee (FOMC) meeting stymied any deals in the Asia ex-Japan dollar bond market. But though the Federal Reserve’s surprisingly dovish signal suggested that issuance would pick up soon, high yield credits could struggle to return, writes Rev Hui.

UCB, the unrated Belgian pharmaceuticals company, is sounding out demand for a senior unsecured euro bond for general financing purposes among European investors.

The €245m loan supporting PAI Partners’ acquisition of AS Adventure, the branded outdoor and travel products retailer, has an original issue discount of 99.

After weeks of absorbing a deluge of corporate bonds, the European market began to feel softer at the end of last week, a sign perhaps that it needs time to digest the issuance.

India’s Bharat Petroleum Corp (BPCL) has made a quick return to the syndicated loan market, issuing a fresh request for proposals for a facility of $500m, just two months since it mandated a Japanese bank for a fundraising of $100m.

Singaporean lifestyle real estate company Rowsley has closed books on a three year non call one S$100m ($72m) bond issue, which the company will use for its development plans in Yangon, Myanmar, according to a banker close to the deal.

Hong Kong listed Fosun International's $500m facility entered general syndication this week. Seven banks are leading the loan, which they are syndicating on a best efforts basis.

BNP Paribas has restructured reporting lines on its syndicate desk, including giving one person responsibility for loans, high yield bonds and leveraged finance.