Loans and High Yield
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TVS Logistics has attracted eight participants during the syndication of its latest dual-currency borrowing. -
The National Development and Reform Commission (NDRC), China’s offshore bond regulator, has described media reports claiming it would ban bonds with maturities of under one-year as “groundless”.
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French car parts distributor Autodis announced an add-on of its only floating rate bond on Monday, amid higher average high yield funding costs but with investors confident that the market can cope.
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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.
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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.
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Hangzhou Steam Turbine & Power Group is seeking a new $100m offshore borrowing.
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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.
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Health and Happiness International Holdings, previously known as Biostime International Holdings, is seeking an up to $350m loan through Goldman Sachs.
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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.
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The National Development and Reform Commission intends to restrict offshore bond quotas for Chinese corporations, while also limiting the use of proceeds to refinancing.
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Borrowers in the European leveraged finance markets seem to be keen to bring deals before investors' mood sours much further.
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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.
