Loans and High Yield

Guandong Haid Group Co, a Chinese agricultural and animal husbandry company, is in the loan market with its debut offshore borrowing of up to $400m.

EQT achieved a strong response from investors on Friday when it launched the first sustainability-linked bond from a private equity firm, and only the second from a financial company. The €500m deal is tied to greenhouse gas emission cuts and gender diversity metrics.

French steel parts and distribution company Jacquet Metal Service has launched a further Schuldschein, according to sources. The market is gearing up for somewhat of a renaissance after a moribund 2020 and GlobalCapital understands that 10-15 more transactions are set to be launched in May.

Three regular dollar bond issuers from China were the first out of the gates to tap investors on Thursday following a long holiday in the Mainland.

Golden Energy and Resources drew in investors with an 8.875% yield on its bond on Thursday, allowing the mining company to raise $285m.

Golden Goose, the Italian shoemaker bought by Permira just before the coronavirus pandemic struck Europe, is looking for €470m of senior secured bonds in what may be the last repayment of a bridge facility signed before Covid. Hung bridges for leveraged buyouts were a serious concern for banks at the height of the pandemic but due to governments and central banks supporting the financial markets, lenders sold down the positions successfully — mostly much earlier than Golden Goose, writes Silas Brown.

Tullow Oil has tightened the already restrictive terms on a new $1.8bn senior secured bond, applying further limits to dividend capacity and restrictions on paying down its unsecured 2025 bonds early. But the company had few other options to stave off a restructuring, other than taking what the market will bear, and the bond looks set to price at the tight end of the 10.25%-10.5% guidance.

French optician Afflelou is looking to sell senior secured high yield notes, in order to pay back state loans and refinance outstanding debt.

Banks backing the successful Allied Universal bid for UK security company G4S are set to split around $100m in financing fees for backing the deal, with Credit Suisse and Morgan Stanley in line for the lion’s share of the profits, as the $6.3bn eight tranche syndication is priced and the firm is delisted.

Indonesian textile company Sri Rejeki Isman (Sritex) saw its bonds plummet in the secondary market this week, as investors grappled with the company's missed debt payments and a series of ratings downgrades. Morgan Davis reports.

Philippine property developer SM Prime Holding has returned to the loan market after an absence of five years.

Golden Goose, the Italian shoemaker bought by Permira just before the coronavirus pandemic struck Europe, is looking for €470m of senior secured bonds to repay bridge facilities signed in the acquisition.