Loans and High Yield

Yanggu Xiangguang Copper has rolled out a $100m syndicated loan with one lender leading the deal.

China’s Haier Group Corp will meet investors this week to pitch its debut dollar bond.

China Singyes Solar Technologies Holdings announced on Monday that it had mandated three banks to lead a dollar bond, eyeing a return to the market eight months after making its debut.

The leveraged loan market is showing no sign of slowing after a September filled with jumbo deals as French telecoms companies Altice and its subsidiary SFR join the fray with transactions of more than €1bn.

On Thursday, the European corporate bond markets had two new telecoms deals to consider. Iliad, and unrated French issuer, priced a seven year deal, while Telecom Italia opted for longer.

French optician Alain Afflelou is considering a yield of about 4.5% for its first bond since suspending plans to float on the Paris bourse. Investors branded the figure “punchy”.

Leveraged borrowers turned the pricing screws on lenders on Thursday with Belgium’s Corialis looking to shave off a combined 125bp off existing loans while US firm Tekni-Plex has reversed flexed its dollar and euro facility.

French telecoms company Altice has opened books on a €500m 10.25 year non-call five year senior bond, days after launching a leveraged loan.

Ratings crossover credit Telecom Italia has set final terms on a €1.25bn 10 year trade, which bankers say appeals to high grade investors despite most of the issuer’s ratings sitting at junk levels.

Belgium’s Corialis Group has launched a repricing attempt on €627m-equivalent of loans as the aluminium building systems company seeks to become the latest in a long line of price amendment exercises to hit the market.

Czech rental housing company Residomo is marketing a €680m seven year non-call three year senior secured bond that is expected to garner interest from global high yield accounts and emerging market investors.

German Unity Day and Golden Week in Asia have given European corporate bond investors a break from new issues and a chance to consider whether the current tight level of spreads is right or too tight. Many expect more tightening to come, so picking the right sectors and geographies will be the key to performance.