Loans and High Yield

Baring Private Equity Asia is seeking a $265m loan to support its acquisition of India’s CitiusTech.

Chinese government-owned Beijing Capital Group Co sold a $500m perpetual deal on Thursday, just a couple of weeks ahead of the scheduled call date of an old bond by its real estate arm.

Vietnamese conglomerate Vingroup Joint Stock Co and its automobile subsidiary VinFast have launched a $500m loan into general syndication, after one bank joined at the senior stage.

Well-known issuers in high yield this week were best placed to benefit from strong market conditions, driven by central bank easing, the return of tourist money to the market, and receding worries of geopolitical crisis.

German pharmaceutical firm Stada is seeking €760m in new secured debt to finance recent acquisitions in eastern Europe, with Nomura leading a new senior secured term loan.

Ohio-based glass manufacturer Owens-Illinois (O-I) sold a euro-denominated green HY issue through BNP Paribas on Thursday, adding to the tiny clutch of leveraged credits to target deals at ESG-oriented investors — and locking in a storming result, with a size increase from €300m to €500m and pricing through the tight end of the initial range.

ING has appointed Martjin Bruins as global lead of its structured acquisition finance unit, alongside his existing role as head of the unit in London for origination.

A slump in big deals and a quest for fee growth is pushing the big banks into mid-market M&A to an extent that has not been witnessed before, writes David Rothnie.

The UK’s SDCL Energy Efficiency Income Trust has completed a €150m debt-backed acquisition of a portfolio of energy generation projects plus debt in Spain, in the company’s largest acquisition since its IPO a year ago.

Dufry, the world’s largest travel retailer, issued €750m of senior unsecured notes on Wednesday to buy back its outstanding €700m of 4.5% notes, due in 2023, and pay back a small slice of its revolver.

A steady flow of deals is running through the investment grade corporate bond pipeline and out into the market. This is expected to become a deluge before long, as investors’ inboxes are filling up with roadshow invitations.

Kaisa Group Holdings and Greenland Holding Group Co joined a slew of Chinese real estate companies to rush to the offshore market this week, using up the remainder of their regulatory quotas.