Loans and High Yield

El Corte Inglés, the privately-owned Spanish retail group, has raised €600m from the high yield bond market, in a move that investors believe makes it less likely that the company will follow through on the idea of floating in Madrid.

Indian borrowers are set to raise a record amount in offshore bonds this year as companies step up their capex spending in response to the economic reforms being introduced by the new government, according to Standard & Poor’s.

KKR sponsored precision engineering company, MMI International, is cementing the top group of lenders for a $580m five year refinancing, which will pay a margin based on a leverage grid.

Credit Suisse has reshuffled senior members of its fixed income department, freeing up Chris Corson, the former global head of emerging markets, for a role understood to be about “blue sky thinking across the business”.

Fresenius, the German kidney dialysis company, has seized the day, launching a loan refinancing project of around €3bn only two days after Standard & Poor’s upgraded it to investment grade.

Five high yield companies were roadshowing for bond issues in Europe on Monday, as banks in the market have refound their confidence and are ready to begin bringing deals in earnest.

Giles Borten, former head of EMEA levfin at UBS, has joined ANZ as global head of funds and insurance.

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.

The first offshore bond default from a Chinese property developer had market participants fretting over the financial stability of the sector, which has huge refinancing needs this year. But in a new report Fitch said that companies under its watch are financially sound enough to refinance their outstanding debt.

Privately owned Royal Industries Indonesia is firming up a senior group of lenders for a $300m fundraising. The pricing on the deal is said to be similar to a $300m loan it sealed in 2013.

Thomas Cook, the UK travel agency, has launched and priced on Friday the first European high yield bond of the year from a single-B-rated borrower. It encountered the after-shocks from the Swiss National Bank's shock change of exchange rate policy on Thursday, but the company achieved its refinancing goals.

Swedish Match, which makes the tobacco product, snus, has secured a Skr1.5bn (€158m) multicurrency revolving facility. The loan will refinance a Skr1.6bn loan signed in 2010.