Loans and High Yield

Hong Kong-listed Sunac China Holdings has set its sights on the debt market for a dual tranche dollar bond, one week after sealing a HK$4.03bn ($516.2m) top-up placement.

Bridgepoint is close to a deal for UK housebuilder Miller Homes from Blackstone, for around five times its projected Ebitda for 2017.

Basque telecoms firm Euskaltel gained access to a third market in northern Spain after the acquisition of Telecable from Zegona Communications, which it is funding with loans and equity.

Returns data shows passive funds are lagging their active counterparts in the European high yield bond market, investment firm Alliance Bernstein said in a report on Tuesday. But active fund managers expect passive money to grow.

Cheyne Capital has hired two veterans of the leveraged finance market to head its newly announced sub-investment grade credit business, as it looks to capitalise on what it perceives as increasing dislocations in the market.

China Chengtong Holdings Group, a pilot state-owned operating company, is offering investors a taste of its inaugural deal, launching a five year bullet on Tuesday.

Maiden dollar issuers China Logistics Property (CNLP) and Future Land Holdings Co are attracting bids for new bonds, adding to the high yield issuance from the Mainland.

Mining company Vedanta Resources is making a rapid return to loans, mandating five banks for a deal of around $500m while simultaneously wooing investors for a dollar bond.

Mémora, the Spanish funeral services provider, has released price talk on a €300m loan package backing its buyout by the Ontario Teachers’ Pension Plan from 3i.

Limacorporate, the Italian maker of orthopaedic implants, is set to keep the euro high yield new issue market in motion with a floating rate bond deal, which unusually will be used to repay the loans that funded its buyout by EQT from Ardian.

Infrastructure investment firm I Squared Capital has clinched the bid for fixed line asset business Hutchison Global Communications (HGC), giving the three banks that lined up the financing reason to celebrate.

Chinese property developer Powerlong Group’s Hong Kong-listed arm Powerlong Real Estate Holdings priced a $100m tap of its 2020 bond last Friday.