ANZ

The Republic of the Fiji Islands is looking to return to the international bond market this week after a four year absence. The sovereign was encouraged by strong demand for an earlier tender offer of its existing notes.

Indian conglomerate Reliance Industries has picked a big group of banks for refinancing a $1.5bn loan raised three years ago.

Yingda International Leasing, a company owned equally by General Electric and China’s State Grid Corp, has raised the size of its three year offshore borrowing to Rmb600m ($94m) from Rmb500m, partially exercising a greenshoe option.

Commodities trader Mercuria is back in the market for its annual refinancing, launching a $900m triple tranche revolver into general syndication late last week.

Chinese paediatric nutrition company, Biostime International, has signed a $450m one year bridge loan to fund its acquisition of Australian firm Swisse Wellness.

A $165m triple-tranche loan for CVC-sponsored Asia Education Investment has been allocated, with three lenders joining during general syndication. The response was considered muted by some but the leads said they only had a limited portion to sell down to begin with.

A $165m triple-tranche loan for CVC-sponsored Asia Education Investment is due to close soon with commitments coming in from a couple of banks during general syndication — an outcome criticised by many.

A large financing for the acquisition of Tesco’s South Korean asset, Homeplus, has created a stir in the market, coming amid a dearth of private equity-backed leveraged deals in Asia. But the role of foreign banks may be limited by abundant onshore liquidity and the presence of domestic funds, which are keen to take on junior debt, writes Shruti Chaturvedi.

Financing for three rival bids to acquire Tesco’s South Korean asset Homeplus feature a senior-junior split, according to market sources. One of the contenders is also said to have secured a letter of commitment from a local pension fund, considered unusual as such funds usually throw their weight behind bidders once they have emerged as the winner.

Tata Power's subsidiary Khopoli Investments is making a quick return to the loan market, mandating six lenders to arrange a $300m refinancing.

International Container Terminal Services (ICTSI) provided a breath of fresh air to Asia’s bond market with its $450m perpetual deal. The lack of issuance this year from Philippine borrowers worked in the company’s favour, but SMC Global Power Holdings Corp’s quick follow-up had to endure a turn of sentiment in the market.

Bank of Communications (BoCom) Financial Leasing braved a cautious market on Tuesday August 18 to price a dual tranche trade. The borrower succeeded in making its debut in euros, while strong demand allowed the dollar tranche to come inside its existing curve.