Loans and High Yield

Oil and gas exploration and production company Medco Energi Internasional is eyeing the offshore market for a senior bond, and will meet fixed income accounts in Asia, Europe and the US.

Indonesian palm oil company Tunas Baru Lampung (TBLA) is looking for a Singapore dollar deal, marking its first bond in the currency as well as its maiden offshore deal.

Chinese auto rental provider eHi Car Services and Shanghai-listed Future Land Holdings Co have picked banks for their dollar bonds, with roadshows set to take place early this week.

Indonesian tyre maker Gajah Tunggal is planning a return to the dollar market to refinance a $500m 7.75% note coming due in February 2018.

CVC has agreed a €4.44.4bn sale of its German metering and energy business Ista to Cheung Kong Property Holdings, founded and chaired by Hong Kong billionaire Li Ka-shing, in one of the biggest private equity deals of the year.

India’s Azure Power Energy made its debut in the international bond market with a dollar green transaction on Thursday. But the solar power issuer had to pay up to secure $500m in a week that caused difficulties for Indian markets.

Vedanta Resources plans to return to the dollar market with a seven non call four year offering, in parallel with a tender offer for its existing 2019s and 2021s.

Gates Global delisted its 5.75% 2022 bonds from the Luxembourg Stock Exchange this month, and relisted them immediately on the former Channel Islands Stock Exchange, now rebranded The International Stock Exchange (TISE). The move was likely a response to Europe’s Market Abuse Regulation, which has driven some high yield issuers to the non-EU exchange.

A senior Hong Kong-based leveraged finance banker has left Bank of America Merrill Lynch, according to two sources.

Recent strong demand from US investors for lower rated high yield bonds in euros has helped stimulate issuance from the triple-C rated companies. But US fund managers are not buying indiscriminately and bankers say they were instrumental in forcing Bain Capital to change an aggressive covenant on a deal placed this week. Victor Jimenez reports.

Kraton Polymers, the US chemicals, has scheduled a bank meeting for Monday in London for a debut €220m term loan, with proceeds repaying some of its existing dollar facilities.

Private investment firm Partners Group has further bulked out its standalone private equity business with the closing of its latest direct investment fund at €6bn, as players historically on the limited partners’ side of the sector increasingly focus on doing direct buyouts themselves.