Morgan Stanley

Leveraged loans bankers have welcomed a €7.5bn loan to finance DE Master Blenders’ merger with the coffee business of Mondelez International. But big deals alone don’t make the market, and lenders are growing increasingly concerned about the lack of deal flow among mid-market borrowers.

Longfor Properties priced only the second four year CNH bond on Wednesday night, opting for the unusual tenor to spread out its maturity profile. It is also the first Chinese property issuer to come to the CNH market since February.

SEB will sell sub debt on Thursday afternoon, drawing good demand for a tier two deal despite offering aggressive pricing. The Scandinavian bank will be joined by French insurance company Groupama which is exchanging perpetual sub debt for new paper.

Bank of Toyko Mitsubishi UFJ (China) priced the first CNH issue from a non-leasing subsidiary of a Japanese financial institution on Monday. Rarity drove investors to the bond and while the issuer paid up over its dollar curve, it will use the proceeds onshore and does not intend to swap them.

Chinese after-school tutoring services provider TAL Education raised $200m on May 15, pricing a 2019 convertible bond in the middle of guidance after finding good interest from investors.

Chinese real estate company Franshion Properties, which in March announced the possible spin-off and listing of its hotel assets on the Hong Kong Stock Exchange, has launched into general syndication a HK$4bn ($516m) loan to back its plans.

Construction company Empresas ICA made the most of high demand for Mexican high yield paper to print a rare 10 non-call five trade from a LatAm single-B issuer, increasing the size of the deal in the process.

Mexican construction company Empresas ICA announced initial price thoughts of mid-9% for a new 10 year non-call five dollar benchmark to be used to fund a tender offer.

Longfor Properties has announced guidance on its inaugural CNH offering.

Bank of Toyko Mitsubishi UFJ (China) priced the first CNH issue from a non-leasing subsidiary of a Japanese financial institution on Monday. Rarity drove investors to the bond and while the issuer paid up over its dollar curve, it will use the proceeds onshore and does not intent to swap back.

DE Master Blenders, the Dutch coffee company, will raise loans totalling €7.5bn to back its merger with the coffee business of Mondelez International.

Matalan Finance, the parent company of British clothing retailer Matalan, priced on Friday £492m of senior secured notes to refinance all its outstanding bonds.