Loans and High Yield

Singapore’s Frasers Property has closed a S$785m ($581m) green loan, the second green borrowing in six months.

Schaeffler used its multi-tranche bond issue on Tuesday to retire old paper issued under high yield documentation, marking the full conversion of a former HY market stalwart into investment grade, but shrinking the universe of bonds held by European HY investors further.

Bankers and investors are running out of superlatives to describe investor demand in Europe’s corporate bond market, as each deal seems to push further than the last into extreme territory.

Chinese property company KWG Group Holdings doubled the size of an outstanding 2023 bond on Tuesday, grabbing another $350m from a tap as it used up its remaining offshore bond quota.

CIMC Financial Leasing, the leasing unit of China International Marine Containers, has debuted in the offshore loan market with a $180m three year facility.

Bank of America, Goldman Sachs and Nordea launched a refinancing deal for specialty chemicals firm Perstorp Holding, a Swedish-headquartered PAI Partners and Landmark Partners portfolio company.

UK capital goods firm CNH Industrial has signed a €4bn revolving credit facility in a rare bout of activity in the high grade loan market, with bankers saying the lethargy is going to continue for the foreseeable future.

Bank of America and Goldman Sachs have launched the loan backing Triton Partners and Luxinva's buyout of IFCO Systems, the Germany-based reusable plastics business of Australia’s Brambles.

JP Morgan’s head of EMEA debt capital markets is set to retire this year.

Chinese outdoor leisure products developer Bestway Global Holding has closed its debut offshore borrowing at a reduced size of around $88.9m.

China’s Texhong Textile Group has returned to the loan market for HK$1bn ($127m) only six months after it closed a larger facility.

Following the success of the jumbo acquisition financing for Brookfield and CPDQ’s purchase of Johnson Controls’ Power Solutions unit, European leveraged loan buyers now have a wide variety of credits to assess, with deals from Ceva Santé, Delachaux, Konecta and Hotelbeds in the market this week.