Loans and High Yield

LeasePlan has launched a €1.3bn high yield bond from its Lincoln Financing holding company to pay back the original €1.6bn-equivalent holdco acquisition debt from its 2016 purchase by a consortium led by TDR Capital, and including Abu Dhabi Investment Authority, GIC and PGGM.

Dollar bonds in Asia followed the US markets’ end to last week by trading lower. Nonetheless, the continent’s investment grade issuers are looking to print with many high yield issuers still emerging from earnings blackouts.

Global alternative investment firm Castlelake is tapping the offshore loan market for $685.1m to support its purchase of aircraft from Malaysia’s AirAsia.

Chinese property company Cifi Holdings raised $255m from a tightly priced bond sale, rushing to the market after an upgrade by S&P Global Ratings on Monday.

Local government financing vehicle (LGFV) Chengdu Economic and Technological Development Zone State-Owned Assets Investment doubled the size of a 2022 bond on Thursday, while another Chinese issuer Zhongtai Financial International walked away with $200m from a sub-one year note.

Bank Rakyat Indonesia has closed its $700m offshore syndicated loan, with 15 participants joining during syndication.

Banks are bringing forward leveraged loans to fund projects from earlier this year, launching them into a strong market buoyed by another round of liquidity support from central banks. New buyout debt for IFCO and a full refinancing for Perstorp join a host of other deals in the market.

High yield bond investors in Europe are getting squeezed from both sides, as formerly regular visitors to the market hit investment grade status, and new acquisition financings hit the loan market rather than bonds. Schaeffler’s blow-out debut in the investment grade bond market on Tuesday took out €1.5bn equivalent of former HY product.

Stricken wind turbine manufacturer Senvion has hired Neil Robson as chief restructuring officer, marking a move ahead in the Centerbridge-owned firm’s rescue attempt.

Demand for Ireland-based aircraft leasing company Avolon's unsecured loan took off, allowing it to sign the deal at $500m this week, as the company attempts to gain an investment grade rating.

Chinese property company KWG Group Holdings closed a $350m bond tap this week, coming to the market just a week before it was due to report earnings. That led to a sharp disagreement between bankers over the practice of launching deals during a blackout period. Morgan Davis reports.

With many Asian companies readying their earnings in their respective blackout periods, a trickling of Chinese property bonds have kept debt investors busy.