Loans and High Yield

Tullow Oil, the group based in London that has most of its operations in Africa, was on course to print its new high yield bond in the 7% area this week. It was attracting interest from pension funds in need of assets with high returns, according to sources.

Debt bankers in Asia hit a temporary pause button on Wednesday when no dollar deals were launched, as the market recovered from the overwhelming supply in recent weeks. But it was back to business on Thursday, with issuers braving rough conditions to hit the market.

Swissport, the aviation services group, this week launched a €325m add-on to its euro leveraged loan to finance its acquisition of Aerocare, a peer based in Australia.

January and February, particularly the latter, were quiet months for corporate bond new issuance in Europe. However, March is lining up to be the busiest month of 2018 so far in both investment grade and high yield markets, and that is starting to worry investors.

Greenland Holding Group Company has joined a slew of Chinese property developers issuing offshore renminbi bonds, but it left something on the table for investors to achieve a relatively large size of Rmb1.5bn ($237m).

A unit of Puma Energy is in the loan market, seeking $1.1bn across three tranches, according to a banker who received the invitation.

UK-based 3i Group has added three people to its office in Amsterdam and one in New York, all in its private equity team, as it plans to boost business in its core markets.

Bankers and investors said that a new deal from Paprec Group, the French waste recycler, showed that the supply of refinancing deals still had legs and could boost overall issuance volumes in the high yield market. Paprec's deal was also green, but did anyone care?

China’s Xinyuan Real Estate Co has sold a par-priced $200m deal, paying one of the highest coupons for a public dollar bond in Asia so far this year.

Solusi Tunas Pratama is set to begin marketing a new $590m-equivalent financing in dollars and rupiah to retail lenders, said bankers close to the trade.

Indonesian coal company Toba Bara Sejahtra culled its debut dollar bond on Monday, as turbulent markets and new domestic rules around caps on coal prices put investors in risk-off mode.

Private equity firm CVC and local investor Alba are funding their €3.8bn acquisition of 201m shares in Gas Natural, the energy group, with a €1.9bn loan, which is set to become one of the largest Spanish financial deals of the year.