Loans and High Yield

Jollibee Foods Corp, the owner of the eponymous fast food chain, wowed investors on Thursday with a debut $600m bond that beat the Philippine company’s targets.

Four Chinese borrowers hit the dollar bond market on Thursday, competing with supply from India, Indonesia and the Philippines.

Indonesia's Medco Energi Internasional and Bayan Resources raised more than $1bn between them from ultra-tight bonds on Thursday.

India’s Lalitpur Power Generation Company has postponed its attempted debut dollar bond after opening bookbuilding on Thursday, according to a source close to the situation.

As head of BlackRock, the largest asset manager, Larry Fink’s pivot to responsible investing in recent years has been influential.

BNP Paribas and Deutsche Bank are marketing a €710m term loan 'B' to fund the secondary buyout of Armacell by PAI Partners, announced just before Christmas. This will be the insulation company’s fifth LBO, so it is well known to lenders, who ought to support the new deal despite a downgrade last year.

UK chemicals giant Ineos’s German styrenics subsidiary is marketing €500m of senior secured notes and a €680m equivalent term loan B, with an intention to issue a €300m dividend to its parent company, controlled by billionaire Jim Ratcliffe. The remaining proceeds will be used for refinancing all of its term loans and some of the upcoming investments.

Société Générale has redoubled its commitment to equity capital markets under a new structure designed to ensure it remains a force in investment banking when consolidation comes, writes David Rothnie.

Future Retail’s inaugural dollar bond raised the curtain for India’s retail shopping sector, as the company leveraged on its new partnership with e-commerce giant Amazon to raise $500m. But while the industry appeals to investors, issuance pipeline from the country remains thin, writes Morgan Davis.

Indonesian apparel supplier Pan Brothers is in talks with banks for a new dollar loan, as it prepares to return to the market for the first time since 2018. However, syndication may be a challenge, as lenders are still reeling from the default of a subsidiary of textile firm Duniatex last year, writes Pan Yue.

Three Chinese real estate companies raised $850m between them from the dollar debt market on Wednesday.

Crossover credit CyrusOne, a US real estate investment trust, headed to the euro bond market for a seven year trade on Wednesday. It got chunky demand and tightened its spread by 35bp during execution.