Loans and High Yield

IAG has launched a dual tranche euro bond — its first since the pandemic struck — following an extensive round of actions to shore up its balance sheet in the face of plunging airline passenger traffic.

Indonesian non-bank financial institution Chandra Sakti Utama Leasing has launched a $75m loan into general syndication, with bankers expecting the firm’s modest rise in non-performing loans versus peers to hold it in good stead.

Chinese company Fujian Yango Group Co raised $175m on Monday from a three year bond.

Chinese property developer Shui On Land has returned to the loan market after a break of two years. It is seeking a $200m borrowing.

A HK$5.29bn ($682m) green loan to support the acquisition of Hong Kong-based building Cityplaza One by a Gaw Capital Partners-led consortium has been launched into general syndication.

New high yield issues announced on Monday offered investors both ends of the environmental spectrum — a green deal for Spanish property developer Via Celere, or a refinancing for oilfield services firm CGG. Real estate group Foncia sits somewhere in between, with a deal funding a dividend to Partners Group.

CVC and other owners are putting in €220m of new equity to Douglas, the German beauty chain, ahead of a long-awaited refinancing which will see existing subordinated debt made whole — a nice trade for any buyers that bought in at its lows of 33 last year.

Indonesian garment company Pan Brothers has been downgraded by Fitch Ratings for the third time this year owing to defaults on a dollar loan.

Chinese textile company Victory City International Holdings’ financial predicament has taken a turn for the worse as it revealed previously undisclosed outstanding debt at its subsidiaries this week.

Greece’s Public Power Corporation has issued the first euro high yield sustainability-linked bond, which is to fund the power utility’s planned transition from lignite power generation to renewables over the next two years, and offering a hefty 50bp coupon kicker if it misses the goal.

Companies unveiled three dividend recap deals this week in a sign that the leveraged loan market remains well bid, thanks to strong CLO formation and a technical shortage of paper so far this year.

Etrading Software has launched a system to ramp up the efficiency of loan trading, enabling dealers to strip out the motley collection of spreadsheets, emails, instant messages still used in the market and centralise crucial information ahead of executing loan trades.