Loans and High Yield

Xinhu Zhongbao Co, Suning Appliance Group Co and Chengdu Communications Investment Group Corp kept up the steady supply of Chinese credits in the dollar market, raising $440m between them.

China’s Dongying Fangyuan Nonferrous Metals and Dongying Lufang Metals Material received strong demand during syndication. They have now closed their joint borrowing, raising $430m.

The $10.2bn debt package backing the buyout of Johnson Controls’ Power Solutions unit by Brookfield and CDPQ will set the tone for leveraged capital markets in the first half of 2019. But despite high hopes for more investor-friendly deal terms after successful buy-side resistance on last week’s loans, the Power Solutions covenants package sees the pendulum swing back again, writes Owen Sanderson.

Ceva Santé Animale, a French company which develops vaccines and pharmaceuticals for animals, is preparing to raise a €2.15bn loan package to refinance and to pay a dividend.

Indian energy company ReNew Power sealed a $375m bond sale on Tuesday with the help of a new, direct issuance structure. But although the notes were deemed to be more issuer-friendly than ReNew’s previous transaction, many were left puzzled by the borrower’s complicated approach to offshore fundraising. Morgan Davis reports.

Investment banks are lining up to back the bidders in the Nestlé skincare unit auction, underwriting a package of acquisition debt that could hit the market in two to three months’ time, according to a leveraged finance syndicate banker.

Europe’s corporate bond market is on classic form, swallowing six-tranche monster deals, hybrid issues paired with senior and other juicy trades day after day. Vodafone’s £3.4bn mandatorily convertible bond grabbed the attention on Tuesday with coupons that looked astonishingly low for sub debt, but behind it all is a rally caused by, of all things, economic uncertainty.

India’s ReNew Power returned to the dollar market for a $375m bond on Tuesday, continuing its trend of using complicated deal structures to overcome strict regulations.

Indonesian textile company Delta Merlin Dunia Textile made its debut in the dollar bond market on Tuesday. But first it had to overcome a huge range of value estimates from investors.

China car dealership company China Yongda Automobiles Services Holdings has tapped the offshore market for first time, raising $250m after it sealed a Rmb800m ($123m) debut syndicated loan onshore last year.

Europe’s high yield bond investors have had little to buy this year, which ought to underpin a strong print for the euro bond tranche of Power Solutions, the financing package for Brookfield and CPDQ’s buyout of Johnson Controls’ battery unit.

India’s InterGlobe Technologies (IGT) is tapping the international loan market for a debut $100m five year borrowing.