Loans and High Yield

EA Partners II, the structured high yield bonds backed by loans to several airlines which are partners of Etihad, announced a note event of default on Friday, thanks to the low bids it received for loans to Air Berlin and Alitalia, both of which collapsed last year.

Two borrowers, Marlink and Iris Software, offered a string of new medium sized leveraged loans this week, following the recent launch of some highly anticipated jumbo deals that sources say have helped renew investor interest in the European market.

Hangzhou Steam Turbine & Power Group is seeking a new $100m offshore borrowing.

Hopes for a pick-up in bond issuance volumes in Asia were dashed this week as trade war fears between the US and China made investors risk averse.

Health and Happiness International Holdings, previously known as Biostime International Holdings, is seeking an up to $350m loan through Goldman Sachs.

Underwriters in the European high yield market that provided bridge financing in the first few months of the year for lightly covenanted deals are suffering amid investor pushback and failed offerings, said market sources.

The National Development and Reform Commission intends to restrict offshore bond quotas for Chinese corporations, while also limiting the use of proceeds to refinancing.

Borrowers in the European leveraged finance markets seem to be keen to bring deals before investors' mood sours much further.

European corporate bond markets enjoyed one of the busiest weeks of the year last week, but global economic factors mean investors are far from ready to buy everything in sight just yet.

SC Lowy co-founder and CEO Michel Löwy talks to GlobalCapital about developing a DCM business, Italy and entrepreneurship.

The European leveraged loan market is starting to look a lot like it did in May, with a table full of multi-billion deals and bankers concerned about how much this spike in issuance could play into investors’ hands.

Bway, the US container maker, is including €475m of euro bonds in the leveraged financing for its $1bn acquisition of rival Industrial Container Services, in a sign of the increasing attractiveness of euro high yield markets.