Loans and High Yield
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US electric car firm Tesla was roadshowing a $1.5bn eight year debut bond offering this week. The company can do no wrong in many observers’ eyes, although stripped back documentation is likely to deter at least some investors from the deal. -
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.
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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.
