Loans and High Yield
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Indian borrowers are increasingly raising offshore loans with tenors of five to seven years, in a bid to smooth out their maturity profiles and avoid a massive debt overhang. The shift comes at the right time, as international lenders slowly warm up to longer-dated deals, writes Shruti Chaturvedi. -
Allocations for a $235m three-tranche financing for private equity firm Partners Group’s acquisition of Philippine business process outsourcing company SPi Global were firmed up on Tuesday.
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Country Garden Holdings Co hit the market on Wednesday to add $100m to its existing $600m 4.75% notes sold in July, through a quick deal buoyed by reverse enquiry.
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Indonesia’s Medco Energi Internasional, which counts state-owned electricity generator Perusahaan Listrik Negara as one of its clients, is marketing a new dollar bond.
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Three Chinese high yield credits opened books for fresh dollar deals on Thursday, wooing investors in the quiet summer market. Greenland Holding Group Company is making a return, while China Huiyuan Juice Group and 21Vianet Group are ready for their debuts.
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Independent Vetcare, a veterinary group based in the UK, is back in the market with an add-on to the sterling loans that funded its leveraged buyout in April.
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Boutique investment bank SC Lowy is seeking to acquire a small European banking business in what would mark the firm’s second acquisition of a bank since it was launched in 2009.
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UK fashion retailer New Look saw its bonds trade down after poor quarterly results this week just as fears mount of a downturn for the sector. That has left high yield investors divided about the implications for issuance from New Look's peers.
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Most corporate issuers have deserted the markets for the summer. Not BAT however, which has inhaled $17.25bn already this week and is now back for more.
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LVGEM (China) Real Estate Investment Co grabbed $225m on Tuesday from its debut deal, taking measures to mitigate any fears of failure by securely anchoring the deal.
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Country Garden Holdings Co is back in the market with a tap of its 2022 notes sold less than a month ago. Meanwhile, Jiangsu Bicon Pharmaceutical Listed Company is plotting a $300m fundraise from a three year bond.
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Eurazeo, the private equity firm, is offering a loan to fund the leveraged buyout of Spain’s Iberchem, a fragrance and flavour maker, from Magnum Capital.
