Loans and High Yield

Lead banks have scheduled a December date for the syndication of a €3bn equivalent multicurrency loan package that is supporting PAI and British Columbia Investment Management Corporation’s leveraged buyout of bottling company Refresco.

TerraForm Power, the former SunEdison renewable energy yield company, priced two tranches of high yield bonds on Tuesday after increasing the overall size of the offering from $1bn to $1.2bn.

The US Thanksgiving holiday usually heralds one last push to get new corporate bond issues out before things wind down in December. With eight new benchmark issues in the first two days of this week, 2017 is following the script — and investors are not sated yet.

Huarong Real Estate Co and Fosun International approached investors with different trades on Tuesday, with the former nabbing €500m from its inaugural offshore bond and the latter taking $300m from an opportunistic deal.

Anton Oilfield Services Group, rated Caa1/—/CCC, ventured into the volatile market on Tuesday to close its exchange and new money offering, taking home $300m in the process.

The first set of commitments are in for Pakistan’s latest outing in the syndicated loan market — a $700m 10 year facility that is partially guaranteed by the International Bank for Reconstruction and Development (IBRD).

CPI Ronghe Financial Leasing, which launched its first international syndicated loan a couple of months ago, has wrapped up the deal with a dozen banks chipping in.

The terms of leveraged finance deals are growing ever more aggressive. The most regular borrowers are the biggest pushers of tough terms, but those who follow their example may pay the heaviest price in a market correction.

As fund managers fill their pockets with corporate leveraged finance debt, borrowers like BMC Software are taking advantage of strong conditions to slash funding costs across their financial structure.

India’s Lodha Developers International netted $125m on Monday from a tap of its bonds sold back in 2015, using its recent development and growth story in the London market to hook investors.

Indian company TVS Logistics Services has approached the international loan market for a $153m-equivalent financing, with participants invited to commit in dollars and sterling.

Chinese issuers are yet again dominating the supply in Asia ex-Japan debt markets, with four firms wooing dollar and euro bond investors on Tuesday.