• GPC gears up for AAG buy with new debt

    Genuine Parts Company (GPC) will issue $2bn in bonds and loans and ramp up the size of an existing revolver to fund its purchase of France’s Alliance Automotive Group (AAG) when it buys the auto parts wholesaler from private equity towards the end of this year.

    • 04:00 PM
  • Nets board urges approval of Hellman & Friedman $5.3bn takeover offer

    US private equity firm Hellman & Friedman has made a $5.3bn-equivalent takeover offer for digital payments company Nets, with the Nordic company urging investors on Monday to accept the deal.

    • 12:45 PM
  • Yuzhou skirts equities turmoil to nab $300m from bond

    China’s Yuzhou Properties pulled off a $300m bond on Monday, navigating a choppy equities market that saw stock prices of many Hong Kong-listed developers plunge amid cooling measures from the Mainland regulators.

    • 11:00 AM
  • APP China gauges demand for international debut

    Paper and pulp company APP China is testing investors’ appetite for an unrated dollar bond, about 15 years after its Indonesian parent Asia Pulp & Paper Group defaulted on close to $14bn of debt.

    • 08:00 AM
  • Back for more: Qinghai Investment out for bond

    Chinese state-owned Qinghai Provincial Investment Group Co is returning to the debt market for the third time in 2017, but is opting for a short-term note this time around.

    • 08:00 AM
  • Nets board urges approval of Hellman & Friedman $5.3bn takeover offer

    US private equity firm Hellman & Friedman has made a $5.3bn-equivalent offer for digital payments company Nets, with the Nordic company urging investors on Monday to accept the deal.

    • 25 Sep 2017
  • Shougang, Yuzhou take bids for bonds

    Chinese steel company Shougang Group Co is returning to the dollar debt market with a new five year bond, while Yuzhou Properties Company is drumming up interest for its debut senior perpetual transaction.

    • 25 Sep 2017
  • Nan Hai Corp goes it alone for new bond

    China’s Nan Hai Corp has mandated two firms to work on a dollar-denominated deal, its third outing of the year but its first without a standby letter of credit (SBLC).

    • 22 Sep 2017
  • Updated: Tianjin Real Estate eyes $100m from debut

    Tianjin Real Estate Group Co is looking to raise $100m from a 4.5% bond on Friday, the lone Asian issuer to announce a transaction.

    • 22 Sep 2017
  • Three high yield borrowers take over €1bn on Thursday

    Three sub-investment grade borrowers printed deals in the high yield corporate bond market on Thursday using different tenors to raise a combined €1.06bn.

    • 21 Sep 2017
  • Stada cuts loan size and tightens pricing ahead of commitment deadline

    Stada, the German pharmaceutical firm, has shrunk its leveraged loan by €250m and increased its high yield bond by the same amount, ahead of the loan's commitment deadline on Thursday.

    • 21 Sep 2017
  • Stada ups bond portion to €1.075m for landmark LBO

    Stada Arzneimittel, the German pharmaceuticals firm being bought in a €5.3bn deal by Bain Capital and Cinven, opened a bond roadshow on Monday after marketing €2bn of leveraged loans last week .

    • 21 Sep 2017
  • Mattel loosens debt covenants after Toys ‘R’ Us bankruptcy

    Toymaker Mattel has loosened the terms of its revolving credit facility for the second time this year after key buyer Toys ‘R’ Us filed for chapter 11 bankruptcy on Monday.

    • 21 Sep 2017
  • Miller Homes builds debut HY offering in tightening sterling market

    UK housebuilder Miller Homes this week brought its first high yield deal, coming at a time when spreads on sterling bonds with speculative grade ratings have tightened more than 100bp so far this year.

    • 21 Sep 2017
  • Stada interest prompts bigger bond

    Order books for the dual tranche high yield bond deal from German pharmaceutical company, Stada, closed at noon on Thursday. Such was the demand for the secured tranche that the deal was was increased by €250m.

    • 21 Sep 2017
  • China’s high yield issuers face unrelenting battle with NDRC

    It has been a tough year for Chinese issuers as they battle with the National Development and Reform Commission (NDRC) to get go-aheads for offshore bond sales. But the regulator’s snail-like approval process appears to be crawling to a near standstill ahead of the National Congress of the Communist Party, leaving bankers befuddled about what to expect for the rest of the year. Morgan Davis reports.

    • 21 Sep 2017
  • Three high yield borrowers take over €1bn

    Aside from the leveraged deals for Stada and Miller Homes, three sub-investment grade borrowers printed deals in the high yield corporate bond market on Thursday. The three issuers all used different tenors to raise a combined €1.06bn.

    • 21 Sep 2017
  • Sunshine counts on anchors for refinancing

    Investors familiar with Sunshine 100 China Holdings’ credentials shrugged off a recent ratings downgrade to gobble up its new $235m bond, which will allow the company redeem a note coming due imminently.

    • 21 Sep 2017
  • Investors count cost of Toys ‘R’ Us bankruptcy

    A hastily arranged bankruptcy financing for Toys ‘R’ Us has left investors analysts scrambling to understand the impact on the company’s corporate and real estate debt.

    • 20 Sep 2017
  • Stada and Miller ready to go

    The German pharmaceutical company, Stada, and the UK housebuilder, Miller Homes, both complete their high yield bond roadshows on Wednesday with the deals expected to follow before the end of the week.

    • 20 Sep 2017
  • Corporate bond flow: nice, steady and tight

    Corporate bond investors seem to be happy with what they deem the sensible pace of new issuance so far in September. And they are keen for it to continue.

    • 20 Sep 2017
  • Sunshine tackles refi needs with new bond

    Property developer Sunshine 100 China Holdings, rated CCC+ by S&P and B- by Fitch, is taking bids for a new dollar bond, in a bid to address its looming debt maturity.

    • 20 Sep 2017
  • Crossover credit Puma Energy markets fresh debt

    Emerging market-focused Puma Energy has mandated banks for a $300m minimum seven year non-call three bond, with high yield and emerging market syndicate desks running the process at lead banks.

    • 19 Sep 2017
  • KWG goes tight on $250m comeback

    Chinese property developer KWG Property Holding grabbed a modest $250m on Monday from a transaction sealed at an ultra-tight price.

    • 19 Sep 2017
  • Credit Suisse hires top levfin banker Ross

    Credit Suisse has hired David Ross, a veteran of the EMEA leveraged finance markets, to co-head its EMEA leveraged finance capital markets group.

    • 18 Sep 2017
  • Interoute to hang up on HY bonds with new refi loan

    Interoute, a UK network and cloud services operator, is set to refinance its only high yield bond issue with a new leveraged loan that it launched this week.

    • 18 Sep 2017
  • Reverse enquiry shores up Tianjin Lingang’s debut

    China’s Tianjin Lingang Investment Holding Co grabbed $260m from an open-and-shut debut deal on Friday, which was driven by reverse enquiry.

    • 18 Sep 2017
  • KWG builds year’s second dollar outing

    Chinese developer KWG Property Holding is back in the dollar debt market just six months after raking in $400m from a five and a half year bond.

    • 18 Sep 2017
  • Virgin opens sterling ‘deep pockets’ for tap

    UK telecoms group Virgin Media was in the market for a £200m add-on of its 2024 receivable financing notes on Monday. By Wednesday, it had sold £450m of the deal, proving that demand is not restricted to the high yield debt market for euros, where three more deals were under way.

    • 14 Sep 2017
  • Jackpot! Wynn Macau wins $1.35bn from bonds

    Wynn Macau raised $1.35bn from the bond market on Wednesday, finding support from both Asian and US investors thanks to a turnaround story in the Macau gaming industry and the issuer’s improved financials.

    • 14 Sep 2017
  • CSI lands easy $200m from senior perp

    CSI Properties printed a $200m bond on Wednesday for refinancing purposes. The leads were not short on comparables given that several of the issuer’s developer peers have sealed similar transactions so far in 2017.

    • 14 Sep 2017
  • Tobam hires ex-State Street adviser as head of trading

    Tobam, the Paris-based asset manager, has appointed Frédéric Jamet as head of trading and co-head of research. He had been an investment adviser at State Street for 11 years.

    • 13 Sep 2017
  • Investors see little wrong with corporate bond market, ready for more

    Wednesday morning brought three new corporate bond deals, to add to the six already priced this week. Investors are being offered a diverse group of credits, and their appetite has yet to be sated.

    • 13 Sep 2017
  • Sino-Ocean entices investors with hybrid deal

    Sino-Ocean Group Holdings leveraged on its stronger sales performance and credit metrics to storm into the debt market on Tuesday, showing that it has put a short but tumultuous period behind it.

    • 13 Sep 2017
  • CSI Properties, CNLP hit up dollar investors

    CSI Properties and China Logistics Property (CNLP) are in the thick of the dollar debt market this week, with the former gauging interest for a perpetual deal, and the latter boosting its coffers with a tap.

    • 13 Sep 2017
  • Wynn Macau rolls out new dual-trancher

    Wynn Macau, a unit of casino giant Wynn Resorts, announced a two-tranche bond on Wednesday, part of a $1.35bn outing to redeem its outstanding 2021s.

    • 13 Sep 2017
  • Softbank ‘fascinates’ HY market with €4.75bn bond splurge

    Japanese telecoms company SoftBank has done it again. On Tuesday, it replicated its 2015 success of a €4.5bn bond issued outside of the US high yield market with a new €4.75bn issue.

    • 12 Sep 2017
  • Moody’s brings former Fitch senior director for new US role

    Moody’s Investors Service has appointed Vishal Damani as head of US intermediaries in its relationship management team, a newly created position. Damani had a similar role at Fitch Ratings.

    • 12 Sep 2017
  • High yield issuer turns to RMBS for the first time

    A debut non-conforming UK RMBS deal from Together Financial Services, formerly Jerrold Holdings, is being marketed to investors this week, the first public RMBS from the specialist lender.

    • 12 Sep 2017
  • Sino-Ocean serves up subordinated dollar perp

    Sino-Ocean Group Holdings began marketing a new subordinated deal on Tuesday morning, returning to the dollar bond market after a gap of more than two years.

    • 12 Sep 2017
  • Moy Park acquisition to spark £560m issue

    US chicken processor Pilgrim’s Pride Corp plans to fund its £1bn buyout of UK peer Moy Park with cash in hand, an extension of its term loans, and a new debt issue to repay a JBS subordinated note.

    • 11 Sep 2017
  • Seven more join booming HY primary as funds fall

    A full €2.3bn of bond offerings from seven borrowers hit screens on Monday in the European high yield bond market, following last week's more than €3bn of new bonds despite fund inflows turning negative.

    • 11 Sep 2017
  • Shorting Australia and securitization for MDBs: ideas from Sustainable Capital Markets Forum

    Two hundred delegates gathered in Amsterdam on Tuesday September 5 for Euromoney Conferences’ fifth Sustainable and Responsible Capital Markets Forum. For the second time, it was organised jointly with GlobalCapital.

    • 11 Sep 2017
  • Sun Hung Kai ready to boost 2022s with tap

    Hong Kong’s Sun Hung Kai & Co returned to the market on Monday morning, looking to add to its $400m 2022s sold at the end of August.

    • 11 Sep 2017
  • SoftBank to tap bustling European HY for jumbo refi

    SoftBank, the Japanese telecoms and technology group, received the highest speculative grade ratings for its potential new bond deal on Friday. It will aim at repeating its notable success in the European high yield market in 2015

    • 08 Sep 2017
  • China's Jutal eyes short-dated dollar debut

    Short dated bonds appear to be making a comeback, with Jutal Offshore Oil Services receiving approval from its board for a 364 day dollar-denominated note.

    • 08 Sep 2017
  • BNPP hires Valet for sponsors push

    BNP Paribas has hired a senior banker from Bank of America Merrill Lynch as part of an expansion of its financial sponsors coverage effort.

    • 07 Sep 2017
  • HY gulps first autumn Reverse Yankees

    The European high yield bond market returned from its summer break to €3bn of new bond offerings this week, including notes from Delaware’s Kronos International and California’s Equinix.

    • 07 Sep 2017
  • HY record year ahoy, but terms weaker

    The European high yield bond market has suffered two years of falling primary issuance but a busy September will provide the impetus for a return to growth. However, there are also concerns about weakening investor protection.

    • 07 Sep 2017
  • HY welcomes Cortefiel €600m bond debut after turnaround

    Spanish clothing retailer Cortefiel priced its leveraged buyout bond on Thursday, in a sign that the high yield market is open for challenging credits.

    • 07 Sep 2017
  • China Aoyuan rides on strong growth with 10x covered deal

    China Aoyuan Property Group took advantage of an improvement in its credit metrics and a recent ratings upgrade to return to the debt market for the second time this year, netting its targeted $250m in the process.

    • 07 Sep 2017
  • Unrated Lai Sun builds $400m bond in busy market

    Lai Sun Development Company beat competition on Wednesday to nab $400m from a bond, managing to price inside the levels achieved by other unrated Hong Kong names recently.

    • 07 Sep 2017
  • Levfin strategist Melentyev leaves Deutsche for BAML

    Oleg Melentyev has joined Bank of America Merrill Lynch as head of leveraged finance strategy in New York, after four years in the same position at Deutsche Bank.

    • 06 Sep 2017
  • GlobalCapital Sustainable and Responsible Capital Markets Awards 2017: the Winners

    France, Tennet, NWB and Berlin Hyp are among the green and social bond issuers acclaimed in GlobalCapital's Sustainable and Responsible Capital Markets Awards 2017, which were announced on Tuesday in Amsterdam.

    • 06 Sep 2017
  • Sterling investors respond positively to change in process

    Tuesday’s £250m seven year bond issue from French oil company Total looked like a straightforward small benchmark sterling deal for a regular issuer. However, the marketing process for the deal marked a change from the normal approach and it is something investors are keen to see more of.

    • 06 Sep 2017
  • Ayala set to break 14-year dollar bond hiatus

    Philippine conglomerate Ayala Corp is set for a dollar bond comeback as it markets a fixed-for-life deal, bringing to an end a 14-year absence from the international debt market.

    • 06 Sep 2017
  • China Aoyuan, Lai Sun seek post-summer deals

    Action in Asia ex-Japan’s offshore bond market picked up on Wednesday, with property developers from Greater China announcing new transactions.

    • 06 Sep 2017
  • Investors divided as two more join HY spree

    Two more borrowers added on Tuesday to the almost €3bn of new high yield bonds already being marketed in Europe this week. But just as the market is set to surpass last year's volumes, investors have started to voice concern over low coupon levels.

    • 05 Sep 2017
  • Kronos feeds HY with first Reverse Yankee of autumn

    The European high yield bond market returned from its summer break to €2.8bn of new bond offerings this week, including a sub-benchmark sized note from Delaware’s Kronos International on Monday.

    • 04 Sep 2017
  • Indonesia's Spindo ready for dollar market plunge

    Steel Pipe Industry of Indonesia (Spindo) is courting investors in Asia and Europe this week, in pursuit of its first international dollar bond.

    • 04 Sep 2017
  • India's HT Global makes comeback for dollar tap

    India’s HT Global IT Solutions Holdings is returning to the dollar market for a tap of its debut notes sold last summer.

    • 04 Sep 2017
  • HY starts September in style with Cortefiel debut

    A €600m two tranche bond issue to finance the Spanish retailer Cortefiel’s LBO will be the euro high yield market’s starting shot for the second half of the year.

    • 01 Sep 2017

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 16,081.88 63 6.99%
2 BNP Paribas 14,608.34 81 6.35%
3 Goldman Sachs 13,180.95 51 5.73%
4 HSBC 12,272.28 75 5.33%
5 Deutsche Bank 11,710.26 65 5.09%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 5,442.63 45 7.89%
2 Goldman Sachs 4,801.82 38 6.96%
3 Deutsche Bank 4,751.46 46 6.89%
4 Credit Suisse 4,353.57 48 6.31%
5 Barclays 4,263.74 37 6.18%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 28,018.08 214 10.92%
2 Bank of America Merrill Lynch 21,116.58 187 8.23%
3 Citi 21,099.90 168 8.23%
4 Goldman Sachs 19,427.53 135 7.58%
5 Barclays 17,943.05 119 7.00%