Loans and High Yield
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Just one borrower occupied European high yield bond pipeline at the start of this week giving the impression the market is about to slow for summer. Bain Capital’s hygiene product supplier Diamond, is out on a roadshow. -
China Shengmu Organic Milk opened syndication for a Rabobank-led $100m three year financing last week, returning to the loan market after an absence of about one and a half years.
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Aluminum Corporation of China (Chinalco) has approached lenders for a $200m two year loan through its Peruvian arm, according to bankers.
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French jewellery retailer Thom Europe has widened pricing on its bond-to-loan refinancing by 75bp to 450bp, reducing the offering by €60m to €610m in the process.
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China’s Oceanwide Holdings Co scored $400m from a new three year offering on Thursday, sealing a bigger deal than expected but paying up in the process.
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China Jinjiang Environment Holding Company (CJE) made its debut in the international bond market, raising $200m from a three year on Thursday. The deal won investors over — but finding close comparables proved a challenge.
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Chinese property developer Greenland Holdings is planning to increase the size of its loan, launched in late April, to $300m from $250m.
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A short and limited syndication of a HK$28bn ($3.6bn) financing to support the take-private of Hong Kong-listed footwear company Belle International Holdings has wrapped up with one more bank jumping in.
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Of the near 20 borrowers in the leveraged loan market six are due to close this week, including business information provider Mergermarket’s £450m of sterling and dollar loans.
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European high yield market participants took caution from Tereos’ decision to postpone a perpetual hybrid bond issue on Tuesday, suggesting that the structure still confuses investors.
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Fallen angels — corporate borrowers that lose their investment grade ratings — have become a key source of supply in global high yield bonds markets over the years. But there are signs that, particularly in Europe, such supply is ebbing away as corporate balance sheets improve. This is driving HY investors elsewhere to seek new credits.
