Loans and High Yield

With the deadline looming on Holland & Barrett’s £825m-equivalent of loans, several investors have raised concerns over both leverage and terms on the deal, in a market otherwise winding down for summer.

Gajah Tunggal, an Indonesian tyre maker, has tapped the syndicated loan market for a dual-currency $250m facility.

eHi Car Services, a Chinese auto rental provider, is selling its second international bond on Thursday, opting for a five non call three year.

A veteran loan syndications banker at Citi in India is understood to have quit to take up a bigger role in Standard Chartered.

Indonesian and Indian corporates rushed to the debt market on Thursday, with Gajah Tunggal, Paiton Energy and Vedanta Resources all launching dollar transactions.

Italian maker of orthopaedic implants, Limacorporate, cancelled its bond roadshow in continental Europe on Wednesday, as investor demand from its London meetings accelerated the pricing of a deal to refinance a loan with floating rate notes.

Drinks refrigerator maker Frigoglass, of Greece, has received approval from the UK High Court for the proposed restructuring of its €250m of senior notes due in 2018.

If the tension in the European corporate bond market is often about how much paper can issuers persuade investors to take, this August the pull is the other way. Investors are thirsty, and issuers are withholding.

High yield issuers Future Land Holdings Co and China Logistics Property raised a combined $300m from their bonds on Tuesday. But the borrowers saw different outcomes. While investors continued to be attracted to property names, making Future Land’s deal 10x covered, they were less responsive to debutant CNLP.

A $235m three-tranche financing for private equity firm Partners Group’s acquisition of Philippine business process outsourcing company SPi Global has gathered commitments from five lenders.

China Chengtong Holdings Group debuted in the debt market on Tuesday, sealing a tight $500m deal as the state-owned operating company transitions to a new entity. But its foray wasn’t without questions, as bankers and investors debated the unrated credit’s status as a corporate or a financial.

Asian issuers are racing against the clock to push out new bonds, taking advantage of abundant liquidity and historically low yields. But with summer fast approaching, issuers — particularly high yield debut names — should go back to basics.