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GC Asia
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Golden Eagle checks out with $601m from 15 banks
Chinese department store operator Golden Eagle Retail Group has closed a $601m-equivalent refinancing loan with 15 lenders.
09 Apr 2021 -
Comeback kid Röhm lines up par refi
Röhm, the renamed Evonik Specialty Chemicals, is back in the market looking to refinance its 2026 €997m term loan 'B' near par, following a surprisingly strong performance through 2020.
08 Apr 2021 -
Merck spin-off Organon launches $4.5bn bond financing
Organon, the spin-off from US pharma company Merck, has launched a bond leg of its financing, which will establish the unit as a separate firm with its own capital structure, while funding a $9bn dividend to its former parent. The firm was initially offering $4.5bn-equivalent across secured and unsecured bonds, with a bias to the deeper dollar market, but scaled this up during syndication to allow it to strip out bank debt.
08 Apr 2021 -
TI Fluid adds unsecured HY layer
TI Fluid Systems, an auto parts company, is marketing its first unsecured debt, a €600m eight year non-call three, which it plans to use to repay part of its secured debt. It has also launched repricing on this loan, looking to cut margins and reset Euribor floors to market standard levels.
08 Apr 2021 -
HSBC brings back Horsburgh for UK role
HSBC is relocating the regional head of its leveraged and acquisition finance (LAF) business from Hong Kong to London to help implement its UK strategy.
08 Apr 2021 -
ELFA, LMA to publish ESG guidance on lev loans
The European Leveraged Finance Association and the Loan Market Association are teaming up to produce guidance for incorporating ESG criteria into leveraged loan terms, with a timeline to publish standards by the end of April. The aim is to provide the infrastructure for the leveraged loan market to adopt ESG standards more widely.
07 Apr 2021 -
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Trump exit unleashes Financial Stability Board to act on climate
The G20’s Financial Stability Board is cranking up its action on climate change again now that Donald Trump is no longer US president. This will feed the hopes of some sustainable finance supporters who want the FSB to drive progress on issues including environmental accounting.
07 Apr 2021 -
HKBN makes quick return for HK$5bn loan
Hong Kong Broadband Network has returned to the loan market for a HK$5bn ($643m) deal for refinancing.
07 Apr 2021 -
Recurring revenue lending must protect its brand
When hot new debt products are on the march, someone will always push the boundaries beyond what is tolerable. In the case of recurring revenue loans, that would be a mistake.
06 Apr 2021 -
Credit Suisse’s heads of IB and risk fall on swords after Archegos implosion
Credit Suisse has begun an overhaul of its leadership following the collapse of Archegos Capital, as well as losses from the bank’s ties to Greensill Capital. The Swiss lender has cut dividend payments by two thirds, and slashed bonuses for senior executives.
06 Apr 2021
High Yield Bonds
Asia high yield bonds news
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Zhenro seals sub-one year green bond
Zhenro Properties Group sold a short dated bond worth $220m on Thursday, adding further momentum to Asia’s growing green market.
09 Apr 2021 -
Redco debuts in sustainability market
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Logan nets $300m from 2025 bond
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ReNew Power plugs into dollar bond market
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Jiangsu Construction uses liability management to net $250m
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Car parks $250m bond ahead of privatisation
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PowerChina grabs $500m from perp return
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Shriram steers $225m tap through volatility
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MGM rakes in $750m from bond sale
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Downgrades, liquidity concerns plague China’s high yield property bonds
