Loans and High Yield

Chinese company Sany Heavy Industry Co has returned to the offshore loan market after a nine-year absence for $600m.

Hong Kong developer Pacific Century Premium Developments (PCPD) printed a $700m deal on Tuesday as part of its efforts to tender a 2022 bond.

Virgin Media Ireland is looking for €900m of loans, which will have margins linked to specific KPIs, following the Virgin Media/O2 merger in the UK.

JP Morgan has reorganized its leveraged finance capital markets operations in EMEA, with Todd Rothman and David De Boltz having relocated from London to New York.

MicroStrategy’s high yield bitcoin bond is the next step in its journey from business intelligence software firm to vehicle for cryptocurrency speculation. It could be a step too far.

Consumer financing firm Home Credit Vietnam has launched an up to $100m loan into syndication, breaking down commitment tickets to smaller amounts to attract a wider group of lenders.

Casino operator SJM Holdings is planning a return to the loan market, as it looks to ride on the successes of two well-received bond deals this year.

Cambodian company NagaCorp navigated the difficulties posed by the closure of its casino to raise $200m on Monday, tackling investor questions and concerns while building up its cash reserves.

Former Goldman Sachs partner Tim Flynn co-founded credit fund manager Hayfin in 2009, with the global financial crisis of 2007-08 already in the rear view mirror. Having steered his firm through the European alternative credit market's first major test, he talked to GlobalCapital about how funds are managing their way through the Covid-19 crisis and whether their performance will attract more investors into the asset class.

Derichebourg, a French waste disposal and recycling firm, is looking to sell €300m of seven year senior unsecured green notes to finance the acquisition of private equity-backed competitor Ecore.

Following a shortened holiday week, the pace in leveraged credit is quickly picking up with a variety of companies announcing new loan and bond deals, from refis to acquisition financing, and M&A still running hot.

Blackstone, Carlyle and Hellman & Friedman announced over the weekend that they would be taking a stake in healthcare supplies firm Medline at an enterprise value of $34bn, making it one of the largest leveraged buyouts in history. The scale of the deal underlines the extent of private equity dry powder, and signals that leveraged finance investors can expect more new money supply ahead.