• HDFC makes quick return for $200m

    Housing Development Finance Corp has made a quick return to the syndicated loan market for a $200m borrowing, five months after it sealed a Samurai loan.

    • 16 Aug 2019
  • Chinese duo keep Asian primary bond market alive

    Local government-owned Shandong Guohui Investment Co made a quick comeback to the dollar bond market to raise $300m on Thursday, when its Chinese peer Qingdao Jimo District Urban Development Investment Co made its offshore debut.

    • 16 Aug 2019
  • Aegon, Neuberger Berman price new CLO deals

    A pair of CLO transactions were priced on Thursday, with Neuberger Berman bringing a deal via arranger Credit Suisse, and Citi pricing a transaction on behalf of Aegon Investment Management.

    • 15 Aug 2019
  • People moves in brief

    Bank of America Merrill Lynch hires fintech chief — Perella Weinberg builds European restructuring team — UniCredit finds SSA trading boss.

    • 15 Aug 2019
  • Default risks accumulate in Brexit-plagued UK market

    UK corporate debt is at an all-time high as the risks posed by a traumatic departure from the EU in October peak. Default risk among UK industrials has deteriorated sharply in recent years while at the same time their EU counterparts have lowered their risk profile. Karoliina Liimatainen reports.

    • 15 Aug 2019
  • MGM China joins the trend of casinos seeking unsecured loans to take out old borrowings

    Macau casino operator MGM China has raised its first unsecured borrowing, joining a handful of companies raising straight loans to replace outstanding secured facilities. Bankers think that plenty more casinos will take a punt on the format. Pan Yue reports.

    • 15 Aug 2019
  • India’s Greenko finds window for quick bond sale

    Greenko Energy Holdings skirted market volatility on Wednesday, seizing a rare opportunity to close a dollar deal.

    • 15 Aug 2019
  • Acadia needs consent to shed Brexit assets

    Acadia Healthcare, which owns UK mental healthcare provider the Priory Group, needs the consent of lenders if it wants to go through with its plan to sell the company, a research company says. US-based Acadia could be forced to use the proceeds of the sale to deleverage.

    • 14 Aug 2019
  • HY market grapples with tough turnarounds

    With no major new issues in sight, the high yield bond market has been dominated by the news of troubled businesses struggling to come up with credible turnaround plans.

    • 14 Aug 2019
  • Perella Weinberg hires again in Europe restructuring push

    Romain Lanier has joined Perella Weinberg Partners from fellow advisory firm PJT Partners to be a managing director in the European financial restructuring team.

    • 14 Aug 2019
  • Chinasoft launches HK$1bn loan into general

    China IT company Chinasoft International has returned to the syndicated loan market after six years, seeking a HK$1bn ($127m) facility.

    • 14 Aug 2019
  • Zhenro, Orient brave tumultuous market

    Zhenro Properties Group returned to the dollar bond market for the seventh time this year on Tuesday, tapping one of its March transactions for an additional $110m. But the market presented a whole different set of problems for the borrower this time round.

    • 14 Aug 2019
  • Lecta bonds wilt as it struggles to secure French government support

    A Barcelona-headquartered paper company wants to focus on higher-margin specialist papers but it is floundering to find the money needed for a turn-around after the European Union delivered a blow that sent its bonds sliding.

    • 13 Aug 2019
  • Brace for more Burford-style rows if QE ramps up

    Burford Capital, the litigation funder, is under pressure over how it accounts for an obscure type of asset and how it finances its business using debt. In many respects it is a unique case, but it is a debacle fuelled by quantitative easing. With more of that on the way, pushing investors into ever more esoteric asset classes in the quest for yield, there will be plenty more businesses under scrutiny.

    • 13 Aug 2019
  • CLO investor base diversifies as negative rates persist

    CLO managers are still able to refinance deals in the European market, but analysts said such deals will soon be replaced by a raft of new issuance. The buy-side is also diversifying as investors flee negative yield rates in other market sectors.

    • 13 Aug 2019
  • MGM China raises HK$9.75bn for refinancing

    MGM China has raised a HK$9.75bn ($1bn) unsecured revolving credit facility with a group of 13 lenders to repay its old secured borrowings.

    • 13 Aug 2019
  • A real summer break will do Asian bond market good

    Volatility has hurt secondary spreads and primary deal flow in the Asian bond market but really it is no bad thing. A quiet month is just what the market needs after an overwhelming amount of supply so far this year.

    • 13 Aug 2019
  • Swissport bonds land as investors demand big yield

    Swissport, the world’s largest provider of cargo and airport ground services, increased the loan portion of its debt raise at the expense of bonds as investors demanded steep yields in a volatile market.

    • 12 Aug 2019
  • Thomas Cook bonds, shares tank on £150m recap news

    Thomas Cook's shares and bonds fell on Monday after the company disclosed that it is in talks to raise £150m of capital from its creditors and largest shareholder to keep trading over the winter period.

    • 12 Aug 2019
  • Excellence fills coffers with club deal

    Excellence Commercial Properties Co made a quick outing to the dollar bond market on Friday, raising $150m in its second offshore debt sale of the year.

    • 12 Aug 2019
  • Swissport trims notes, fattens up term loan as HY bond market turns murky

    Swissport, the world’s largest provider of cargo and airport ground services,has increased the loan portion of its debt raise at the expense of bonds amid a volatile August market.

    • 09 Aug 2019
  • Burford bonds and shares in muddy water after short seller attack

    Burford Capital’s debt and equity securities rebounded on Thursday, after the firm rebutted claims from short seller Muddy Waters Research that it was "arguably insolvent". The episode brought some rare excitement to the sterling retail bond market, but is perhaps emblematic of its decline over the past few years. Meanwhile, investors appeared undecided over whether Muddy Waters’ claims about the litigation funder were correct.

    • 09 Aug 2019
  • Changde LGFV braves volatility with $300m anchored deal

    Changde Economic Construction Investment Group Co, a local government financing vehicle in China’s Hunan province, priced its debut international bond on the back of strong anchor support, in a week where both issuers and investors treaded carefully.

    • 09 Aug 2019
  • GlobalCapital reveals SRI Award nominations

    GlobalCapital has published the nominations for its Sustainable and Responsible Capital Markets Awards. The winners will be announced on September 17, at our Awards Ceremony in Amsterdam.

    • 09 Aug 2019
  • Lenders urged to deploy 'carrot and stick' early on debt restructuring

    The weak state of investor protections on leveraged loans should spur creditors to engage borrowers early on debt restructuring, two lawyers have argued. The abundance of cov-lite deals mean traditional early warning signs have evaporated.

    • 08 Aug 2019
  • Redding Ridge picks up CLO portfolio manager from Pretium

    Apollo subsidiary Redding Ridge has hired Pretium Partners executive John D’Angelo as CLO portfolio manager in New York.

    • 08 Aug 2019
  • Sirius Minerals down to last chance as investors shun risky mining project

    UK mining company Sirius Minerals has put its hopes of survival on getting a high yield bond away in September after it postponed a deal earlier this week. But investors are skeptical about the firm's chances. Sirius will run out of money by the end of September and its $3.8bn financing package will turn void on October 30.

    • 07 Aug 2019
  • Risk costs snag Commerz as outlook worsens

    Michael Reuther, head of Commerzbank’s corporate clients division, expects more firms to enter the bank’s "intensive care department" as economic pressures weigh on European corporates. And in his unit the cost of risk more than tripled in the second quarter, helping to shrink operating profits.

    • 07 Aug 2019
  • Barings extends lending push with €1.5bn fund

    Barings has raised €1.5bn for its second European private loan fund, as the asset manager looks to grow a business that has seen the company lend €3bn over the last two years.

    • 07 Aug 2019
  • Vingroup plans $750m outing before year-end

    Vietnamese conglomerate Vingroup is planning a return to the offshore debt market to raise up to $750m from international bonds.

    • 07 Aug 2019
  • Senior DCM banker leaves Credit Suisse

    Credit Suisse's head of Greater China debt capital markets has quit the bank, according to sources.

    • 07 Aug 2019
  • Alternative credit manager appoints partner, hires research MD

    A New York-based alternative credit specialist has appointed a new partner and hired a managing director to its credit research team.

    • 06 Aug 2019
  • Euro CLO spreads open a window for managers to reset deals

    After a month of record issuance in July, CLO spread levels have tightened into a range to create a window for managers to reset older transactions in August.

    • 06 Aug 2019
  • Sirius difficulties: miner “on knife-edge” as crucial bond offering postponed

    UK mining company Sirius Minerals delayed its $500m high yield bond on Tuesday,aiming to try again in September. The clock is ticking on the fertiliser mine project in the Yorkshire Moors. Sirius has until October 30 to entice investors or its whole financing package will collapse.

    • 06 Aug 2019
  • April sends out invitations for $1bn loan

    Asia Pacific Resources International Holdings (April), a subsidiary of Royal Golden Eagle, has made a quick return to the loan market for a self-arranged borrowing of up to $1bn.

    • 06 Aug 2019
  • KKR to bolster Axel Springer buyout package with €935m loan

    Axel Springer's shareholders have given a green light to a public-to-private takeover offer from KKR, which values the German media company at €6.7bn.

    • 05 Aug 2019
  • Commerz names head of syndicated and leveraged finance

    Commerzbank has appointed its first head of syndicated and leveraged finance, a unit created within its new capital markets division.

    • 05 Aug 2019
  • Swiss microfinance CLO reopens impact securitization market

    Swiss firm responsAbility Investments has closed a $175m microfinance CLO via JP Morgan, revitalising an industry which last saw issuance before the financial crisis.

    • 05 Aug 2019
  • Chinese high yield borrowers brave post-FOMC market

    Central China Real Estate and Shandong Chenming Paper Holdings have raised a combined $463m from dollar bond investors amid a weak market backdrop.

    • 02 Aug 2019
  • New Frontier eyes $300m acquisition loan

    New Frontier Corp, a Hong Kong-based special purpose acquisition company (Spac), is planning to raise $300m-equivalent to support its $1.44bn purchase of China’s United Family Healthcare.

    • 02 Aug 2019
  • Aboitiz Power closes acquisition loan with 22 banks

    The Philippines’ Aboitiz Power Corp has found support from a group of 22 banks for a $300m loan that will finance its acquisition of AC Energy’s thermal power company.

    • 02 Aug 2019
  • Blackstone covenants deprive Refinitiv holders of premiums

    Refinitiv bondholders will likely not receive the full sum of the make-whole premiums that apply to the bonds if London Stock Exchange Group refinances all of them before their call date. An equity claw clause will allow Refinitiv to refinance 40% of the bonds at a cheaper rate.

    • 01 Aug 2019
  • Gender bond pioneer to combat ‘vulture funds’ in Ireland

    Paul Byrne, the treasurer who helped structure the first additional tier one (AT1) gender equality bond, is joining Quartech, the asset manager of HomeOptions, an ESG not-for-profit firm that aims to challenge private equity funds purchasing mortgage portfolios in Ireland.

    • 01 Aug 2019
  • BNP Paribas takes Nomura’s McNaught for UK advisory

    Andrew McNaught will lead BNP Paribas’ UK advisory team from the end of the month, as the French bank plans to develop its corporate operations in the country “further, faster”.

    • 01 Aug 2019
  • GSO prices CLO triple-As at tightest levels of 2019

    GSO Capital Partners priced its Dunedin Park CLO at the tightest spread levels of the year on Tuesday, selling the senior notes at 107bp over three month Euribor.

    • 01 Aug 2019
  • Domanico moves on again at Créd Ag

    Crédit Agricole has appointed Sébastien Domanico as head of global markets for Europe, the Middle East and Africa, just weeks after he was picked to lead a different division at the bank.

    • 01 Aug 2019
  • M&A financing moves up a gear as new deals hit market

    A recent flurry of leveraged and acquisition financing activity in Asia has caught the attention of loans bankers hungry for new assets. But as trade tensions and fears about a growth slowdown ramp up, the pressure on the market is high, writes Pan Yue.

    • 01 Aug 2019
  • Banks run to stand still in PE coverage race

    Banks are racing to expand their sponsors coverage teams as they fight to remain relevant to private capital providers at a time of disintermediation in investment banking. By David Rothnie.

    • 01 Aug 2019

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 7,083.69 52 6.37%
2 Deutsche Bank 6,886.84 39 6.20%
3 Goldman Sachs 6,877.67 36 6.19%
4 Credit Agricole CIB 6,659.77 36 5.99%
5 Barclays 6,209.03 28 5.59%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Citi 4,728.01 24 9.17%
2 JPMorgan 3,649.83 29 7.08%
3 Deutsche Bank 3,638.27 22 7.06%
4 Barclays 3,441.80 22 6.68%
5 Goldman Sachs 3,389.62 26 6.58%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 18,847.11 143 9.46%
2 JPMorgan 18,162.36 146 9.11%
3 Goldman Sachs 14,831.56 109 7.44%
4 Bank of America Merrill Lynch 14,255.85 117 7.15%
5 Morgan Stanley 12,912.93 86 6.48%