Loans and High Yield

Commodity trader Trafigura has closed a $203.5m US private placement. It is the largest sustainability-linked issue on record, according to GlobalCapital analysis, and signals the PP market is taking ESG financing more seriously.

Kaisa Group Holdings closed a $500m bond this week, part of a liability management exercise.

Standard Profil, the auto supplier which makes sealing for cars, was in the bond market on Tuesday looking to sell €275m of five year notes.

Birkenstock’s acquisition financing package saw changes to the documentation during syndication, announced on Monday. While the deal comes with an aggressive covenant package, the amendments do little to smooth the edges, instead raising the possibility that a rapid flotation of the business could see bondholders repaid inside the non-call period.

Chinese state-owned company Genertec Universal Medical Group has returned to the loan market to syndicate a $700m-equivalent deal.

South Africa's Investec has launched a proprietary secondary loan trading desk in New York, having recruited a senior trader to lead it.

Europe’s high grade bond investors are set to be offered new bonds from both ends of the ratings spectrum this week, as A2 rated air traffic controller Nats (En Route) and fallen angel car parts company ZF Friedrichshafen planned deals.

Another heavy primary week in European leveraged finance swung into action on Monday, with the bond leg of the buy-out financing for Bain and Cinven’s Sfr4.2bn purchase of Lonza Specialty Ingredients among the highlights.

French frozen food maker Picard pulled its planned €1.7bn sustainability-linked dividend deal on Friday, citing ‘unsatisfactory market conditions’, and its flexible redemption schedule, with no maturities until 2023. Conditions were so unsatisfactory that last week was one of the busiest of the year in high yield primary, while Monday has opened with another six deals announced — suggesting that for most issuers and arrangers, conditions continue to be very satisfactory indeed.

Thailand’s Gulf Energy Development Public Co is in talks with a large group of banks for a bridge loan of about Bt170bn ($5.3bn) to support its acquisition of Intouch Holdings. Pan Yue reports.

Indonesian property developer Pakuwon Jati returned to the offshore debt market this week after a four year hiatus, selling investors a $300m seven year bond.

Dalian Wanda Commercial Management Group Co sold a sub-one year bond on Thursday, raising $325m.