Loans and High Yield
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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. -
Chinese state-owned Shandong Energy Group Co sealed a popular $300m three year debut on Wednesday off the back of a $3.2bn book, thanks to its strong government support and the attractive yield on offer.
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US cleaning products maker Diversey has accelerated commitments on its €1.6bn-equivalent of loans, backing Bain Capital’s $3.2bn carve-out of the business from Sealed Air, despite one investor in London expressing concern over the deal’s leverage.
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Waste-to-energy firm China Jinjiang Environment Holding Company (CJE) kicked off its debut dollar offering on Thursday morning.
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Oceanwide Holdings Co returned to the offshore market on Thursday with a new three year dollar offering, just a week after selling a $200m 363-day bond.
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Bain Capital is calling on the recent demand for lower rated high yield bonds in Europe to fund the acquisition of US cleaning products supplier Diversey Care.
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BC Partners has agreed to buy German cloud technology firm PlusServer from US internet group GoDaddy, mandating Société Générale with an all senior loan package due in early September.
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UK health retailer Holland & Barrett has launched £900m-equivalent of loans backing its £1.77bn buyout by L1 Retail, the consumer focused arm of holding company LetterOne, founded by Russian billionaire Mikhail Fridman.
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In what bankers expect to be the last big week for corporate bond issuance in Europe before the summer, demand for deals — especially triple-B paper — is rampant.
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Any debt bankers hoping for an early summer lull were left sorely disappointed on Tuesday, as a slew of Chinese issuers ensured a breakneck pace of issuance.
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Standard Chartered has beefed up its loan syndications team in Hong Kong, hiring two bankers, according to sources.
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Chinese state-owned Shandong Energy Group Co is taking orders for its inaugural international bond, while property developer Gemdale Corp is also in the market for a new debt outing.
