Loans and High Yield
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Three Chinese property companies battled in the primary market on Monday with competing supply. While high yield issuers have been able to sell bonds at ultra-tight prices of late, the weight of supply has started to force issuer’s to pay more to borrow. -
Hong Kong’s Citychamp Watch & Jewellery Group has launched a debut offshore borrowing with a $150m three year facility.
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The undersupplied European high yield market saw a strong start on Monday, as banks announced new deals from Ineos and Italmatch.
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The UK’s McKay Securities has signed a £180m revolving credit facility, with the office and industrial REIT switching its bilateral loans for a bigger syndicated deal.
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The executive chairman of Nomura’s Middle East and North Africa business is among those set to leave the firm as part of a big restructuring. Senior bankers in EMEA capital solutions and convertibles are at risk of redundancy
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An equity-linked banker at HSBC in London has moved to a new role within the bank.
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Xinyuan Real Estate Co priced a $200m bond that came with a 14.2% coupon, as heavy supply continues to weigh on the Chinese high yield real estate bond market with both new issue concessions and secondary performance suffering.
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Loxam, the France-based equipment rental company, refinanced a secured and subordinated high yield bond with a twin tranche new issue this week, cutting its funding costs, the spread between the tranches, and showing the strength of the bid for subordinated paper.
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SGL Carbon issued a €250m senior secured five year on Wednesday, allowing the carbon and graphite materials firm to repay a convertible maturing next year. Despite the issuer’s chequered past, the deal saw huge demand — but the company’s decision to lock in funding now suggests tough times ahead.
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ICG has hired Zeina Bain, a former managing director from Carlyle’s European buyout team. Bain is joining ICG’s European subordinated debt and equity team.
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Future Land Development Holdings’ new dollar bond crashed in the secondary market on Thursday, following an aggressively priced deal the day before. Rival bankers questioned both Future Land's pricing and the timing.
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Mongolian Mining Corp raised $440m with a new 2024 bond this week, in a sale that ran in tandem with a tender offer for the coking coal producer’s two existing dollar bonds.
