Loans and High Yield

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.

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.