Loans and High Yield
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The European and US high yield and leveraged finance markets are converging, according to a report by White & Case, and that trend is likely to mean issuers continue to "push barriers". -
Low deal supply in the leveraged loan market is pushing more arranging bankers to offer increasingly high leverage multiples to sponsors in their bids.
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Constantia Flexibles, the Austrian food packaging company, has hit its deadline for commitments with a bang, tightening pricing on both the euro and dollar tranches of its deal.
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Hong Kong listed Fosun International has chosen three French lenders to supply funds for its acquisition of Club Méditerranée (Club Med).
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AS Adventure - Armacell - OVS - Volution - AS Roma - Ball Corp - Aurubis - Etisalat Egypt - NPCC
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The spread between double-B and single-B rated European bonds is at its widest since the aftermath of the financial crisis, as investment grade investors reach down to the top layer of high yield.
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AS Roma has signed a €175m five year senior secured loan that the Italian football club will use to refinance debt.
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US metal packaging company Ball Corp has taken out a £3.3bn bridge loan to back its buyout of Rexam, the UK can producer.
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Jaguar Land Rover, the UK car maker, issued on Thursday a £400m eight year high yield bond yielding just 3.875%, to finance a tender offer for its 2020 sterling notes.
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A weakening outlook for China this year has not deterred issuers from the world’s second largest economy from tapping the dollar market, with year-to-date volume higher than 2014.
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Indian exporter Essar Oil’s latest facility has met with a warm response, despite the company’s operation in the volatile oil sector, as it comes backed by a two way guarantee from State Bank of India. The guarantee protects lenders both on Essar’s obligation to deliver as well as buyer Oil Bridge’s obligation to pay, writes Shruti Chaturvedi.
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Baltimore-based asset manager T Rowe Price on Wednesday launched a new bond fund, that will in part aim to profit from European high yield’s momentum.
