Loans and High Yield

Allotments are out for a HK$7.137bn ($914.7m) loan that to support private equity firm I Squared Capital’s acquisition of Hutchison Global Communications (HGC).

Hainan Airlines Holding Co on Thursday ventured out with a 364-day bond, running its deal in parallel with China’s sovereign bond. The issuer paid a premium over its curve, but the deal ended up nearly twice covered.

Wind Tre, the Italian telecoms group, delivered Europe's largest ever high yield bond issue this week, a €7.3bn deal that has raised the bar for the market and led to expectations that more sponsors will follow suit amid heady investor demand.

After a stream of successful repricings in the leveraged loan market this week, French call centre operator Webhelp is set to refinance its term loans for the second time this year and could shave a further 25bp off its financing costs, according to sources.

The return of Taiwanese bank liquidity to the Hong Kong and China dollar loan market is proving a boon for borrowers seeking funds for riskier deal structures. Aviation leasing companies looking for aircraft pre-delivery funding have been emboldened in particular. CMIG Aviation is the latest of that bunch to dip its toes into the offshore market, writes Shruti Chaturvedi.

Hainan Airlines Holding Co sold another short dated bond on Thursday as the company deals with the consequences of the Chinese regulator’s offshore sale approval process.

Industrial & Financial Systems (IFS) closed the loan funding for its acquisition of WorkWave without further syndication on Wednesday, evidence the market is still keen on small size offerings amid a raft of large deals.

The European high yield bond pipeline this week brought €1bn of single-B rated offerings in euros and sterling from new issuers, giving hope to those working for a bigger borrower base for the market.

Ineos, the Anglo-Swiss chemicals manufacturer, cut costs on its term loans for the second time this year on Tuesday, after S&P joined Moody's in upgrading the rating of the new facility on Monday.

China Grand Automotive Services Co redeemed itself in the offshore bond market on Tuesday, grabbing $400m from a much smoother deal than its December debut.

Corporate debt investors appear to believe they know what the European Central Bank is going to do on Thursday, and that they like it.

Tus-Sound Environmental Resources Co, a waste recycling company from China, is eyeing a $300m maximum size three year bond, which will be its debut in the offshore market.