Loans and High Yield

China Aircraft Leasing Group Holdings (CALC), which made its offshore loan market debut last year, is back for a $175m aircraft pre-delivery financing.

Indian banks are muscling into offshore loan syndications they previously rejected out of hand, driven by a desperate need to lend amid a slowdown in domestic borrowing. Shruti Chaturvedi reports.

Greentown China Holdings made a rare visit to the debt market, selling a senior perpetual bond on Tuesday. The transaction saw blow-out demand of about $6bn for the $450m deal, allowing the leads to slice pricing by 37.5bp from initial guidance.

Powerlong Real Estate Holdings managed to price a $200m bond on Wednesday, the same day that China National Chemical Corp and Japan’s Softbank Group snapped up a combined $7.5bn from the debt market.

The European leveraged finance markets are licking their lips in anticipation of a new €2.5bn deal backing Bain and Cinven’s takeover of Stada Arzneimittel, the German generic drug manufacturer.

Greentown China Holdings snapped up $450m from a hugely popular senior perpetual transaction on Tuesday, while Central China Real Estate became the latest issuer to sell bonds with a tenor less than one year.

Shandong Energy Group Co is set to engage investors for its first offshore bond, with roadshows taking place from Thursday in Asia and Europe.

New issue momentum in Asia’s debt market continues to be strong with Powerlong Real Estate Holdings and China National Chemical Corp (ChemChina) collecting bids on Wednesday, as Sinochem International Corp prepares to hit the road.

The European Central Bank's loose monetary policy was supposed to ease financing terms for smaller and riskier companies. The high yield bond market's appetite for such issues has been limited — but it is hotting up, just as the ECB signals tightening.

Corporate issuers of triple-C rated bonds have finally found a reason to enter the primary market, as investor expectation over the chances of the European Central Bank raising rates has opened a window for them in July.

Swissport Group announced on Tuesday a technical capital restructuring following its breach on certain debt covenants. The restructuring includes a new €460m term loan ‘B’ and the repayment of its existing €660m term loan ‘B’.

Five new high yield offerings, including the biggest floating rate note seen in Europe so far this year, entered the market this week. The FRN is a sign that frontiers are becoming blurred between different leveraged finance markets for debt buyers, said bankers.