Loans and High Yield
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Loxam, the France-based equipment rental company, is refinancing a secured and subordinated high yield bond with a twin tranche new issue this week. -
Spanish telecoms provider MasMovil said on Monday that it had raised a €1.45bn seven year term loan to buy back a convertible bond subscribed by Providence Equity, one of the group’s anchor shareholders.
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Berry Global said on Monday that it has added more banks to the financing for its purchase of UK packaging group RPC, one of the year’s hotly anticipated new money leveraged loans.
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Taiwan’s Chailease Holding Co has returned to the offshore loan market raising $150m, after a three year absence.
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Chinese issuers have become too focused on Hong Kong when marketing their dollar bonds, panelists at Euromoney's China Debt Capital Markets Summit said last week.
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Country Garden Holdings Co raised $1.5bn in a dual tranche trade on Thursday. The longer dated tranche, a seven year tenor, is the longest dated bond from a high yield property borrower this year.
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Logistics provider ESR Cayman raised $250m from the bond market this week, ahead of a planned IPO in Hong Kong later this year.
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Chinese property companies dominate Asia’s high yield bond market like never before. But rising volumes bring rising risks — and maturities are looming. Addison Gong reports
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Leveraged finance loans for Chinese companies will rebound this year, driven in part by the abundant liquidity available from the private equity funds. But winning government approval for deals will remain a stumbling block. Pan Yue reports
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LeasePlan refinanced the high yield bonds at its holding company this week, printing one of the largest holdco FRNs in the market — and confirming the sponsors’ shift in strategy since the firm’s abortive IPO attempt last October.
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Investment grade loans bankers are pinning more hope on the coming quarter after the slowest start to a year in the past five years.
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Südzucker, the German sugar company that was one of the first ever issuers of corporate hybrid capital with a €700m perpetual issue in 2005, has been forced to suspend coupon payments on the bond, when poor results it released on Wednesday hit cashflow triggers in the documentation.
