Loans and High Yield

Local government financing vehicles (LGFVs) from Fujian and Jiangxi braved the offshore debt market this week, after share prices across Asia and the US recovered from a bout of volatility. The two companies raised $500m between them.

GlobalCapital revealed the winners of its 2017 Loan Awards at its annual Loans and Leveraged Finance Awards Dinner at Gibson Hall in London on February 7. The full results are below: GlobalCapital congratulates all the winners and nominees.

A group of five banks has agreed to underwrite UK garages company EG Group’s $2.15bn purchase of US firm Kroger’s convenience store business, after the equity market wobbles this week failed to put a dent in the year’s M&A extravaganza.

Sunshine 100 China Holdings became the first Asian issuer to turn to the international bond market this week, tapping a three non-call two year bond as other issuers shied away from the market following a global collapse in stock prices.

Three Asian debt issuers launched dollar bonds on Wednesday, taking advantage of a respite from the market turmoil that all but shut the debt market earlier this week.

Global stock markets have been hit with volatility in recent trading sessions, but European primary leveraged finance markets had already slowed down as investor pressure grew around Algeco’s €1.4bn deal and UK retailer New Look’s performance.

Citi’s has named a recent hire from HSBC as its new EMEA head of high yield trading, three months after the dealer joined the firm. It follows recent new hires of two salesmen for Citi’s high yield team.

Asian bond issuance has ground to a halt this week, with new deals put on hold and bankers urging caution amid volatility across the equity and bond markets.

Algeco Scotsman, the US storage group owned by TDR Capital, is talking to investors about sweetening the terms of its new high yield bond issue, due to be priced on Monday afternoon.

Chinese companies in sectors from construction to technology are preparing to tap the dollar bond market. Despite rates continuing to push higher, particularly in the long-end of US Treasuries, more and more debut issuers are eyeing deals.

Pricing details are out for a $100m facility for car rental service provider CSM Corporatama, better known as Indorent.

Chinese property company Greenland Holding Group raised $700m last week, returning to the bond market to refinance a pair of short-dated deals it sold in the first half of 2017.