ING
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A two-part loan for Singaporean private equity firm Capital Square Partners’ acquisition of business process outsourcing company Aegis has entered into general syndication. -
ING sold €1bn of new senior unsecured bonds out of its holding company on Tuesday, leaving a small new issue premium of about 5bp for investors.
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A novel green loan for Singapore’s Wilmar International has put the focus on the potential for sustainable products in Asia. While green bonds have gained popularity in the region, the loan market is still lagging far behind — but that appears to be set to change, writes Shruti Chaturvedi.
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ING was selling new senior unsecured bonds out of its holding company on Tuesday, leaving a small new issue premium of about 5bp for investors.
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The three corporate bond issuers who sold new issues in euros on Tuesday offered something short, something intermediate and something long. The shorter tranches benefitted from the most interest.
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The leveraged loan market is approaching Christmas on course to beat last year’s issuance, particularly for financing of new buyouts.
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French toll road operator Holding d’Infrastructures de Transport paid a hefty premium last Friday as it sold a dual tranche bond to help refinance its March 2018 note. The Baa3 rated subsidiary of Spanish infrastructure company Abertis suffered from the uncertainty surrounding a takeover of its parent company.
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The dollar tranche of Ülker’s second loan of the year has been priced 20bp tighter than on its first loan of 2017, suggesting the market is swinging in Turkish borrowers’ favour as political noise in the country quietens down.
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Investment grade issuers China State Construction International Holdings and Shenzhen International Holdings raised $800m and $300m, respectively, on Tuesday. But their bonds struggled to perform in secondary due to lingering softness in the market.
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Export-Import Bank of China (Chexim) extended its curve with a 30 year dollar bond on Tuesday, part of a multi-tranche deal in which it raised a hefty $3.275bn in two currencies.
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Dividend recapitalisation deals, like Ten Cate’s new €125m term loan, launched on Tuesday, are on the rise. The technique, considered aggressive by leveraged loan investors, is nevertheless becoming more common and accepted in the present issuer's market.
