Loans and High Yield

China’s SkyCo International Financial Leasing is tapping the offshore loan market for the first time.

After a year of burgeoning growth and change in green, social and sustainability bond issuance, with huge acceleration in green loans, GlobalCapital today invites you to vote in its third Awards poll for this market.

German pharmaceutical company Bayer's $15bn and €5bn issuance this week provided the first big M&A related issuance the euro investment grade corporate bond market has seen for three months. However, following a court ruling in the US on AT&T's planned acquisition of Time Warner, there is likely to be more to come. Investors are aware of the need for careful analysis however.

Embattled company Noble Group has secured support from shareholder Goldilocks Investment Co for its new restructuring plan. The commodities trader has promised to increase shareholders’ stakes in New Noble to 20%, and has also kicked off a strategic partnership in the Middle East.

Poultry feed producer Charoen Pokphand Indonesia is talking to the lenders on two of its offshore borrowings sealed in 2014 and 2015, to cut pricing, several bankers said this week.

A parade of deals and jumbo offerings marched through the European leveraged finance markets this week, matching a buoyant mood among investors.

Greenland Hong Kong Holdings steered through the volatility in global markets on Tuesday to nab $200m from a sub-one year bond to refinance a looming maturity.

BMC Software, the US IT firm, has revealed the loan leg of the funding for its leveraged buyout by KKR, a $4.4bn facility in dollars and euros. It is the first multi-billion leveraged loan deal for four weeks, after a battery of large offerings early in May.

International Game Technology is readying its comeback to bond issuance, seeking funding for a partial tender offer for two 2020 euro notes. Europe’s primary high yield market was back in action, too, but investors warn renewed talk of trade war between the US and China could disrupt the market.

Greenland Holding Group Co priced the first floating rate note (FRN) transaction from a Chinese high yield real estate company last Friday, finding sufficient demand to extend its maturity profile to September 2021.

Macau’s casino operator MGM China and subsidiary MGM Grand Paradise have amended and extended credit facilities signed in 2012 for the second time.

UK car parts maker TI Group Automotive Systems, owned by Bain Capital, wants out of the high yield bond market and is planning to redeem its only issue by increasing its term loans.