Loans and High Yield
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Indonesian real estate developer Lippo Karawaci played to investors' need for diversification away from China, when it raised $325m from a 2025 bond sale. -
The overwhelming supply of international bonds from Asia continued on Tuesday, as issuers dashed to raise dollars, and in one case, sterling. But not every borrower was able to cross the finish line.
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Future Retail threw open the door for India's retail shopping sector on Tuesday with its $500m debut bond, getting a solid book of $3bn for the transaction.
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SMC Global Power Holdings Corp took advantage of an exceptionally bullish credit market, getting a peak order book of around $5bn for a $600m deal.
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Indian companies Birla Carbon and Tata Steel have mandated banks for loans and both borrowers have signed up large groups of lenders at the top level.
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Froneri, a PAI Partners-backed ice cream company, is syndicating the financing for its acquisition of Nestlé’s US ice cream business, raising €5.7bn-equivalent of first and second lien debt across three currencies.
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New World China Land, the mainland China property business arm of Hong Kong’s New World Development Co, has returned to the offshore loan market after five years for a HK$5bn ($643m) borrowing.
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Seven borrowers from Greater China raised about $2bn from new dollar bonds on Monday, while Hong Kong's Cathay Pacific tapped the Singapore dollar market.
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Italian construction giant Salini Impregilo offered to exchange its 3.75% notes, due in 2021, to new non-call life senior notes, maturing in seven years. The €250m deal is set to be completed by Friday this week with initial price thoughts of 3.875% — indicating that Salini may have lost favour among investors and will have to pay extra to extend maturities.
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Ten more Asian issuers rushed to the dollar bond market on Monday, further adding to the record debt issuance seen in the region last week.
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Chinese liquefied natural gas supplier ENN Ecological Holdings Co has made its debut in the offshore loan market through Standard Chartered.
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Price discovery was in focus for a $400m debut bond from Philippine conglomerate Aboitiz Equity Ventures (AEV) on Thursday, as the unrated company brought out a rare 10 non-call five year senior deal from the country.
