Loans and High Yield

Sri Lanka has sent out a request for proposals for an up to $1bn-equivalent offshore loan, which can be denominated in dollars, Japanese yen or euros.

Pakistan is back in the offshore syndicated loan market for a $450m facility led by two banks.

A recent string of defaults in the US high yield bond market, particularly in the retail and supermarkets sectors, has not caused undue concern among market players, with most of the situations already factored into assumptions.

European high yield bond issuers roadshowed for seven lower rated new offerings this week, leaving behind the quiet of the post-Easter recess. What followed was a vigorous tug of war over pricing and terms in which bankers and investors claimed different victories.

Californian private equity firm Bertram Capital is combining its European portfolio company Anord Control Systems with UK firm Mardix. The move was funded in the direct lending market with a participation from arranger Barings.

Demand for high yield bonds and leveraged loans has become patchy, fund managers say, after several months of heavy issuance.

China SCE Property Holdings and Powerlong Real Estate Holdings paid up to complete their dollar bonds on Tuesday, but the new issue premiums were widely expected by bankers.

Logan Property Holdings Company sold its first Singapore-dollar denominated bond on Tuesday to support its growing presence in the country, raising a larger-than-expected S$200m ($152.6m). The deal is the first in the currency from a Chinese real estate name in almost four years.

Italian scooter maker Piaggio announced a high yield bond roadshow on Tuesday, the seventh issuer to do so in five days as volumes continue to rebound after a difficult February.

Once again, Deutsche Bank is at a crossroads. After a tough few years, it is still strong enough to fight back in global investment banking. New CEO Christian Sewing will decide whether it does. He seems rational and determined, but does he have the stomach for the battle?

A group of 23 banks opened syndication for Tata Steel’s $1.86bn dual-currency facility on Monday, but only after the deal went through numerous changes on its way to the market.

Two banks are supplying a $200m loan to back a consortium’s move to take New York-listed Chinese auto rental company eHi Car Services private.