Loans and High Yield

Air India has sent out a request for proposals for a loan to refinance an $819m existing bridge facility taken to buy Boeing aircraft.

Zhenro Properties Group returned to the dollar bond market for the ninth time in 2019 on Wednesday. The real estate borrower raised $300m from what is likely to be its last deal of the year.

German private equity firm Aurelius is preparing a high yield bond issue of up to €200m issue of senior unsecured five year floating rate notes in the Nordic market. Another investment group, Chinese Fosun, also tapped the markets with a €400m issue of unsecured senior notes.

Fiat Chrysler Automobiles (FCA) and France’s PSA Group are bringing a potential $50bn mega merger to Europe’s automobile market, with credit and equity analysts agreeing that the deal makes sense for both parties.

Corporate earnings season has produced a mixture of fortunes for bond issuers in Europe, leaving market analysts scrabbling to decode how the relentless maelstrom of macro and technical factors might influence bond demand.

State Grid Corporation of China is in talks with banks for a loan to support its $2.23bn acquisition of Sempra Energy’s Chilean business.

Three Chinese real estate developers came to the bond market on Tuesday, raising a combined $1.25bn.

Philippine company SMC Global Power Holdings Corp has priced its second senior perpetual bond of the year, raising $500m from a four times covered deal at a yield that met the issuer’s target.

Spanish pharmaceutical company Grifols is planning to take advantage of balmy market conditions with a refinancing package that will replace most of its outstanding debt. The package will consist of a $3bn term loan B in dollars, a $1.6bn TLB in euros and $1.25bn of senior secured bonds issued in euros.

Emre Eler is joining Citi, after nearly two decades at JP Morgan.

Universal Scientific Industrial (Shanghai), a subsidiary of Taiwan’s Advanced Semiconductor Engineering, has increased its debut offshore borrowing to $420m-equivalent.

Meinian Onehealth Healthcare Holdings Co’s only offshore bond rocketed in the secondary market after Chinese technology giant Alibaba Group Holding became its second largest shareholder.