Loans and High Yield

An affiliate of department store Sogo Hong Kong has returned to the loan market for a HK$8bn ($1bn) deal to refinance a borrowing from 2016.

Petron Corp, a Philippine oil company, raised $550m from a senior perpetual bond sale this week.

With holidays and earning out of the way and markets wide open, four new high yield bonds and two big term loans hit the market on Monday, constituting more than $11bn of internationally-targeted supply in total, with more than €4.5bn of euros in the mix.

Zhenro Properties Group sold a short dated bond worth $220m on Thursday, adding further momentum to Asia’s growing green market.

Chinese department store operator Golden Eagle Retail Group has closed a $601m-equivalent refinancing loan with 15 lenders.

Röhm, the renamed Evonik Specialty Chemicals, is back in the market looking to refinance its 2026 €997m term loan 'B' near par, following a surprisingly strong performance through 2020.

Organon, the spin-off from US pharma company Merck, has launched a bond leg of its financing, which will establish the unit as a separate firm with its own capital structure, while funding a $9bn dividend to its former parent. The firm was initially offering $4.5bn-equivalent across secured and unsecured bonds, with a bias to the deeper dollar market, but scaled this up during syndication to allow it to strip out bank debt.

TI Fluid Systems, an auto parts company, is marketing its first unsecured debt, a €600m eight year non-call three, which it plans to use to repay part of its secured debt. It has also launched repricing on this loan, looking to cut margins and reset Euribor floors to market standard levels.

HSBC is relocating the regional head of its leveraged and acquisition finance (LAF) business from Hong Kong to London to help implement its UK strategy.

Redco Properties Group raised $220m on Wednesday from its first sustainability bond.

The European Leveraged Finance Association and the Loan Market Association are teaming up to produce guidance for incorporating ESG criteria into leveraged loan terms, with a timeline to publish standards by the end of April. The aim is to provide the infrastructure for the leveraged loan market to adopt ESG standards more widely.

Hong Kong Broadband Network has returned to the loan market for a HK$5bn ($643m) deal for refinancing.