Loans and High Yield

The newly formed Tritax EuroBox is buying a real estate asset in Germany, weeks after the European arm of the UK logistics company signed its debut revolving credit facility.

A fund owned by Apax Partners has signed a €140m-equivalent revolving credit facility, with the private equity firm switching lenders for the deal.

Corporate bond investors have much to consider. The end of an unprecedented era of quantitative easing in Europe and unpredictable political machinations are adding to the complexities of portfolio management.

Chinese local government financing vehicle Chengdu Hi-Tech Investment Group Co and real state company Jiayuan International Group both relied on anchor interests for their dollar bonds on Tuesday.

Indonesia’s Barito Pacific has returned to the loan market for an up to $200m refinancing, hiring two banks to run the deal.

The euro high yield market was giving signs that investor discrimination is back this week, as borrowers IDG and Victoria respectively marketed and postponed new issue bond deals.

Evergrande’s $1.8bn bond at the end of October sent ripples through Asia’s bond market. It also set a dangerous precedent for a market that is already accused of letting standards slip.

Marlow Foods, a UK-based company that was acquired by the Philippines’ Monde Nissin Corp in 2015, is tapping the Asian loan market for the first time for ‎£120m ($156m).

A local government financing vehicle (LGFV) and a single-B rated property developer decided to take risk off the table on Tuesday, ahead of the US mid-term election and when markets such as Singapore are closed for a public holiday.

Bank Rakyat Indonesia has mandated 13 banks for a $700m multi-tranche borrowing, breaking a three-year absence from the loan syndications market.

After a week without any high yield issuance, Verisure launched €1.1bn of dividend recapitalisation and refinancing bond deals this week. The market was already growing busier under tighter secondary spreads and a new refinancing deal from Intertrust.

Hong Kong private equity firm I Squared Capital is tapping the loan market for a total of HK$7.8bn ($998m).