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GC Asia
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Kaisa taps for $200m
Kaisa Group Holdings paid a new issue concession of about 10bp for a $200m tap of one of its existing deals, appealing to investors amid recent pressure on Chinese bonds in the secondary market.
21 Apr 2021 -
Germany, Belgium join battle over Taxonomy credibility as it goes to wire
Hectic negotiations and lobbying are going on at the European Commission about the Taxonomy of Sustainable Economic Activities, in the last day before it is due to publish the detailed rules. Key countries including Germany have changed their positions, GlobalCapital can reveal, while supporters of gas and nuclear power are digging in. Battlelines are now being drawn over the timing.
20 Apr 2021 -
Opioid maker Grünenthal readies high yield debut months after freeze-out
Grünenthal, the German pharmaceutical firm which specialises in painkillers, is looking to refinance its debt with an inaugural high yield bond, just two months after buyers reportedly shunned the company over ESG concerns around opioid manufacturing.
20 Apr 2021 -
HSE prepares debut bond to take out unitranche
German TV shopping network HSE is preparing a new high yield bond to refinance its existing unitranche debt and pay owner Providence Private Equity a dividend.
20 Apr 2021 -
Putian LGFV sells anchor-heavy bond
Putian State-Owned Assets Investment Co (PTSI) sold its first dollar bond this week, raising $180m.
20 Apr 2021 -
No let-up in blistering primary levfin pace
Last week’s heavy levfin supply hasn’t produced a pause for digestion, with five new high yield bonds on Monday joining two announced on Friday for execution this week, despite some recent supply trading down in secondary.
19 Apr 2021 -
Dufry boosts size of HY comeback bond
Duty-free operator Dufry joined the throng of issuers in the high yield primary markets this week with its first straight offering since the coronavirus pandemic hit. It increased the offering size from €850m to €1bn, as investors pinned their hopes on the vaccine-inspired recovery in the travel industry.
15 Apr 2021 -
Pfleiderer sucks up docs change for better pricing
Pfleiderer and its owner, Strategic Value Partners, have minor changes during syndication to the deal docs in its dual-tranche sustainability-linked high yield bond, limiting the group’s flexibility to pay out sale proceeds from its Polish division as a dividend. But the company has succeeded in pushing pricing tight, with the fixed rate bonds set to land at 4.75% area and the floater at 475bp.
15 Apr 2021 -
GlobalCapital Bond Awards: voting extended
GlobalCapital is conducting its annual poll to determine its Bond Awards 2021. The voting deadline has been extended until April 22, so we invite readers who have not voted yet to do so in the coming week.
15 Apr 2021 -
Dufry joins primary rush with comeback bond
Duty-free operator Dufry has joined the throng of issuers in the high yield primary markets with its first straight offering since the coronavirus pandemic hit. The new bond comes after extensive efforts to shore up the company’s capital, including the early conversion of a crisis era convert and talks with lenders for more covenant waivers.
13 Apr 2021
