Loans and High Yield

First Pacific Co is using a new $175m bond, as well as a bank loan, to help fund a tender offer, part of a liability management exercise.

Weeks of currency depreciation, emerging market outflows and violence domestically have taken a toll on Indonesia’s credit and equity markets, despite the central bank making some effort to assuage the volatility. What lies ahead for the country? Morgan Davis finds out.

Ithaca Energy and Imagina joined a recent spate of European leveraged finance issuers failing to price deals or amending documentation this week. Investors have said they are recalibrating their portfolios after bingeing on debt from certain sectors, despite generally strong appetite for speculative grade paper.

Fosun Industrial Co has returned to the offshore market for a $550m three year senior term loan that will refinance debt taken on for an acquisition last year.

Tianqi Lithium Corp and CEFC China Energy Co were thrust into the limelight this week after their existing dollar bonds plummeted in the secondary market. Addison Gong reports.

Delaware-based chemicals group Chemours added to the surge of reverse Yankee issuers with a new euro deal this week, as sources report growing interest from non-European bond investors in the currency.

Telecoms company TDC fired the opening shot of a multi-billion funding package for its leveraged buyout this week, with some investors showing mixed feelings about such deals.

A leaked copy of draft EU legislation, seen by GlobalCapital, shows that the Regulatory Scrutiny Board, a committee that makes sure EU laws are well drafted and not too onerous, has made the Commission water down its plans to tighten regulation of green investment benchmarks. But strong rules are coming on investors’ duty to consider environmental, social and governance matters and the shape of the sustainable Taxonomy is emerging.

Alvarez & Marsal has continued its drive into the transaction advisory business with the hire of four managing directors in Paris. The firm believes the moment is opportune because of regulatory change and the 'Macron effect'.

The successes and failures of a handful of deals last week showed that floating rate notes are not just for financial credits, but can also serve corporations well — especially in times of real need.

Indonesian credits got a quick boost late last week as investor sentiment rose following an interest rate hike. But while the buy-side is again warming up to the country’s bonds, the debate continues over whether the optimism is sustainable.

A challenging market backdrop pushed China Vanke Co to go down the floating rate note route for its bond return on Thursday. It wasn’t disappointed, with bankers saying the $650m bond was priced around 15bp inside a hypothetical fixed rate deal.