Goldman Sachs

UK petrol station operator EG Group launched a jumbo leveraged loan facility on Thursday, totalling €3.5bn-equivalent, to finance its acquisition of Esso sites in Italy and Germany. Bank meetings are due to be wrapped up by the end of this week.

Only a single issuer came to market in euros on Thursday. In what a banker away from the deal referred to as “good traffic control”, Austria had the market to itself for a €4bn 10 year.

Leveraged loans have dominated leveraged buyout financing in recent months, but high yield bonds could be poised for a comeback, say European investors. Crown Holdings, the US can maker, added to early signs of optimism with its new €1.5bn cross-border bond offering this week, writes Victor Jimenez.

Country Garden Holdings wowed the market this week with a HK$23.5bn ($3bn) print in both the equity and equity-linked formats, marking the largest convertible offering from a Chinese property developer.

Chinese biopharmaceutical company BeiGene wrapped up a follow-on offering of its Nasdaq-listed American Depository Shares on Wednesday, raising a larger than expected $750m, according to a company statement.

South Korean mobile messaging platform Kakao Corp raised $1bn this week from an issue of Global Depository Receipts (GDRs), defying fears it would suffer from its link to a cryptocurrency exchange.

Dollar SSA deals are showing little signs of a hangover from a public holiday in the US on Monday, with all three of Wednesday’s trades well over subscribed and pricing inside guidance.

Kakao Corp, the South Korean mobile messaging platform, launched a Global Depositary Receipts offering of $1bn to the market on Wednesday.

Chinese corn oil manufacturer Shandong Sanxing Group Company and real estate developer Cifi Holdings (Group) Co raised a combined $500m on Tuesday, adding to the growing momentum in the Asia bond market.

Country Garden Holdings pocketed HK$23.5bn ($3bn) from a dual-tranche sale of shares and convertible bonds on Tuesday, pricing the equity-linked portion at the best end for investors.

Chinese biopharmaceutical company BeiGene is looking to raise about $650m from a follow-on offering of American Depository Shares (ADSs), according to a filing with the US regulator.

Execution in the euro SSA market keeps getting better. New issue premiums are sliding as market participants adjust to new yield and spread levels, according to bankers and issuers.