Loans and High Yield

Nigel Walder has quit JP Morgan after over a decade at the firm to move to Bain Capital. He was most recently a managing director for European leveraged finance capital markets, and had been in that role for three years.

With the renminbi-dollar cross currency swap (CCS) shooting up to record levels over the past week, international high grade issuers could be tempted back in to the offshore renminbi (CNH) market.

Taiwan Broadband Communications is expected to hit the market for a borrowing of around NT$30bn ($948m), with the money going towards refinancing and general corporate purposes, according to bankers.

Telecommunication tower operator Solusi Tunas Pratama (STP) is looking to tap the offshore market for the first time, opening books to a $300m bond on February 12.

Telecity, the UK data connectivity provider, has revealed a £600m refinancing loan as part of its results announcement to shareholders this year.

High yield investors should be on the lookout this year for issuers weakening covenant protections in subtle ways, Moody's warned in a report published today.

The novelty of conditions in Europe’s super-hot corporate bond market threw up several new manifestations this week.

Chinese property developer Evergrande Real Estate Group has tapped the dollar bond market for the first time in 15 months, raising $1bn from a five year non-call three transaction. But even though Evergrande managed to get a big deal away, it nevertheless failed to meet its target for the trade.

High yield investors grabbed bonds from lift component maker Wittur and Swiss telco Sunrise Communications on Tuesday, even after absorbing GTech’s €4.4bn-equivalent offer over the previous 24 hours.

Wittur, the German lift components producer, has become the latest midmarket leveraged loan borrower to join this year's rush to market with a covenant-lite loan - and like the others, has been forced to widen its pricing.

Survitec, the UK survival equipment provider, has opened books on a £250m-equivalent term loan backing its buyout by Onex.

The acquisition of Las Vegas-based International Gaming Technology by the Italian gambling technology company GTech took a step ahead on Tuesday as GTech raised €4.4bn in euros and dollars, in the second biggest European high yield deal so far this year.