Loans and High Yield

Energy firm Viridian Group began a roadshow on Thursday for a €600m senior secured bond, which it will use to redeem its $670m-equivalent debut bond, amid renewed investor interest for strong single B-rated names.

Solenis, the US chemicals producer, has closed books on an €85m six year term loan that backs its acquisition of Clearwater Specialties, increasing the facility by €10m.

Jon Moulton, founder of Better Capital, gave a robust defence of his firm’s handling of the collapse of City Link, the UK deliveries company, before a parliamentary committee on Tuesday.

Sarens Group, a Belgian heavy lifting specialist, priced its debut bond issue on Tuesday 25bp tighter than guidance, after almost doubling its size.

Europe’s corporate bond market has reacted with cautious optimism to Syriza’s victory in the Greek general election on Sunday.

Delhi International Airport (Dial) attracted a strongly oversubscribed book for its debut in the international bond market. The $288.75m seven year bullet was more than 17 times covered and traded up on Wednesday.

China Auto Rental (CAR) finally started taking orders on Wednesday, January 28, for what looks to be the first offshore bond by an Asian auto rental company. Due to its strong North American ties, the borrower waited until the US markets looked favourable and is hoping to see US funds jump in its maiden outing in the offshore bond market.

Meif Renewables, Macquarie European Infrastructure Fund Renewable Energy UK, priced its first bond issue on Thursday.

Wittur, the German lift components producer, set price guidance for its €285m acquisition loan at a London bank meeting on Monday, only a day before its new private equity owner, Bain Capital, added TI Automotive to its portfolio.

Silk Bidco, an investment vehicle backed by TDR Capital, launched a three day roadshow to sell €455m of high yield bonds to back its acquisition of a larger stake in Hurtigruten, the Norwegian cruise ship operator.

The European second lien leveraged loan market has had a rough start to the year. Its low volumes, due to unattractive pricing and competing junior debt products, have made it a tough sell to subordinated debt investors.

There is some overdue activity taking place in the Asia ex Japan high yield bond market with Delhi International Airport (Dial) sounding investors out for a seven year bullet on January 27. If successful, this could be the first major transaction for a sector that has been missing in action since the start of the year.