Loans and High Yield

Order books for the dual tranche high yield bond deal from German pharmaceutical company, Stada, closed at noon on Thursday. Such was the demand for the secured tranche that the deal was was increased by €250m.

Indonesia’s Waskita Karya sealed a Rph5tr ($375m) loan this week, in a rare syndication with international banks. While the borrower raised its profile as it tapped into pockets of rupiah liquidity from foreign lenders, the deal also illustrated the push by north Asian banks to deploy their balance sheet in Indonesia. John Loh writes.

Standard Chartered has allocated a $300m offshore financing for Lotte Vietnam Shopping to four additional banks, following general syndication.

It has been a tough year for Chinese issuers as they battle with the National Development and Reform Commission (NDRC) to get go-aheads for offshore bond sales. But the regulator’s snail-like approval process appears to be crawling to a near standstill ahead of the National Congress of the Communist Party, leaving bankers befuddled about what to expect for the rest of the year. Morgan Davis reports.

Aside from the leveraged deals for Stada and Miller Homes, three sub-investment grade borrowers printed deals in the high yield corporate bond market on Thursday. The three issuers all used different tenors to raise a combined €1.06bn.

Investors familiar with Sunshine 100 China Holdings’ credentials shrugged off a recent ratings downgrade to gobble up its new $235m bond, which will allow the company redeem a note coming due imminently.

The German pharmaceutical company, Stada, and the UK housebuilder, Miller Homes, both complete their high yield bond roadshows on Wednesday with the deals expected to follow before the end of the week.

Corporate bond investors seem to be happy with what they deem the sensible pace of new issuance so far in September. And they are keen for it to continue.

Property developer Sunshine 100 China Holdings, rated CCC+ by S&P and B- by Fitch, is taking bids for a new dollar bond, in a bid to address its looming debt maturity.

Emerging market-focused Puma Energy has mandated banks for a $300m minimum seven year non-call three bond, with high yield and emerging market syndicate desks running the process at lead banks.

Chinese property developer KWG Property Holding grabbed a modest $250m on Monday from a transaction sealed at an ultra-tight price.

Credit Suisse has hired David Ross, a veteran of the EMEA leveraged finance markets, to co-head its EMEA leveraged finance capital markets group.