Goldman Sachs

Goldman Sachs has strengthened its M&A team with a series of internal promotions, including the appointment of Richard Campbell-Breeden as vice chairman of investment banking for Asia Pacific ex Japan.

The Republic of Korea opened the books for a dual tranche dollar and euro denominated issue on Tuesday. The SEC registered deal is the first dual currency transaction from Korea and from an Asian sovereign since 2006.

Three banks are lined up to provide underwritten debt financing of $600m-$650m to back KKR’s S$1.399bn ($1.1bn) buyout of Singaporean packaging company Goodpack, in what is the private equity firm’s largest ever investment in southeast Asia. But with the deal expected to take Goodpack’s total debt to Ebitda ratio to as much as 6.5 times, bankers say any takeout will be best served by the US term loan B market, writes Rashmi Kumar.

Three banks are understood to be providing underwritten debt financing to the tune of $600m-$650m to back KKR’s S$1.39bn ($1.1bn) buyout of Singaporean packaging company Goodpack, in a deal which will mark the private equity firm’s largest ever investment in southeast Asia. The move has led leveraged bankers to speculate that PE firms are now looking at opportunities outside of China to buy assets.

Logan Property Holdings printed its inaugural international issue, a five year non call three dollar bond, on Tuesday. Dealers brought the high yield borrower to the market after seeing fewer headwinds against Chinese property.

Logan Property Holdings launched its debut transaction in international markets on Tuesday with a five year non call three dollar issue. Although the non-investment grade developer is a relatively new name, it ranks well among Chinese property companies for financial health, and the deal is said to have gotten off to a solid start.

After weeks of enjoying near-perfect funding conditions with bulging order books and extravagant spread tightening, two high-grade corporate borrowers on Monday received a jolt from investors as pricing power appeared to evaporate. Normal service was soon resumed however, and by Thursday Telecom Italia was able to end its five year absence from the dollar market with a $1.5bn 10 year deal that offered investors a perfect combination of novelty and yield.

The Republic of Korea will meet investors next week and the week after for a proposed dollar deal, in what is set to be a record year for sovereign bond issuance in the region.

Illinois Tool Works, the US maker of testing equipment, car parts, adhesives and many other products, broke a seven year absence from the euro bond market on Monday with a successful €1bn deal that included the first benchmark 20 year issue in the currency since last August.

Tokyo Metropolitan Government came back to the market on Monday with a five year issue. The trade has gotten off to a strong start, with books oversubscribed half an hour after opening.

KCA Deutag, the Aberdeen-based oilfield services company, has announced plans for investor meetings to prepare for a $375m return to the high yield bond market.

Paroc Group, the Finnish maker of insulation materials, has embarked on a five day European roadshow to market a €430m high yield bond issue.