 Health insurer Molina Healthcare and food distributor Del Monte Foods raised a combined US1.3bn in bonds to repay their term loans in May. Artificial intelligence firm Cerence followed suit raising US150m in convertible bonds to partially repay a US270m syndicated loan, banking sources said. Also last month, BMC Software issued US1.35bn in high-yield bonds to fund its acquisition of peer Compuware, underscoring the attractiveness of bonds versus institutional loans. Meanwhile, high-yield bond sales have benefitted from the US Federal Reserves Feds bond-buying program. 