Loans and High Yield

Grupo Senda, a Mexican bus transportation company, is meeting investors for its first international bond since 2007.

International Container Terminal Services Inc (ICTSI) has convinced more than half of the holders of its outstanding subordinated perpetual bonds to exchange for senior perp as part of a liability management exercise by the Philippine company.

KKR, the US private equity firm, surprised the UK equity markets on Thursday morning as it announced its takeover of Trainline.com, the train ticketing website that had a fortnight ago expressed its intention to float in London.

Angus Chemicals, the US chemicals producer, is closing books on its $505m leveraged loan, the first of the year, having made a small shift in favour of euros on the crossborder transaction.

SIG Combibloc, the Swiss drinks carton maker, has launched the long-awaited €2.265bn loan backing its acquisition by Onex, in the largest European leveraged takeover financing of the year so far.

KKR, the US private equity firm, surprised the UK equity markets on Thursday morning as it announced its takeover of Thetrainline.com, the train ticketing website that had a fortnight ago expressed its intention to float in London.

Fresenius, the German medical care company, launched a loan refinancing project of around €3bn only two days after Standard & Poor’s upgraded it to investment grade.

The loan portion of Liberty Global’s refinancing exercise has been reduced to around €690m, after lenders’ reluctance to roll into its merging Dutch subsidiary led the company to issue an €800m bond through Ziggo, one of the merging companies.

BNP Paribas is preparing a reorganisation of its leveraged finance and high yield teams, as part of the reordering of its corporate and institutional bank that has taken place since Yann Gérardin took over as its head in October. Market participants believe some job cuts are possible.

What a difference QE makes. Sentiment in Europe's high yield market has U-turned, from the uneasy, sluggish mood in the final months of last year, to an overtly optimistic January.

Four Seasons Health Care — Gazprom — Angola — Addnode Group

Ukrainian corporate restructuring has resumed with Ferrexpo, a Ukrainian iron ore pellet exporter, which is looking to exchange its $500m notes due 2016. Analysts expect this to be the first of several such offers this year as political and economic uncertainty in the region continues.