Loans and High Yield

Kaisa Group Holdings has priced the new money portion of an exchange offer, swapping old variable rate bonds with four new sets of fixed rate notes. While bankers on the deal said that the company achieved its goals with the liability management exercise, some away from the trade said the issuance size was smaller than expected.

International schools operator Nord Anglia has tightened pricing and accelerated the deadline on its $1.22bn-equivalent euro term loan, while up to six leveraged loans are due to close syndication at the end of the week.

China’s Shimao Property Holdings braved the volatile market on Thursday to close a $450m deal, but fell short of meeting its ambitions for a larger size.

China Jinmao Holdings Group sold a senior perpetual bond in a busy market on Thursday, and against a weak market backdrop after reports that the China Banking Regulatory Commission was ordering checks on lenders' loan exposures.

Qinghai Provincial Investment Group Co, Guangdong Hengjian Investment Holding Co and China Logistics Property Holdings Co are expected to meet Reg S investors early next week.

Hong Kong property company Lai Sun Development Co is planning a return to the dollar debt market after a more than four year hiatus.

Samvardhana Motherson Automotive Systems Group is seeking €300m from a seven year bullet.

As the shareholder acceptance deadline for German pharmaceuticals firm Stada’s €4.1bn buyout loomed on Thursday, there has been talk in the market about the rising influence of activist investors in Europe. Historically a largely US phenomenon, some market participants think Europe is set to experience a surge in shareholder activism of its own, shaking up the corporate landscape and inviting further leveraged buyouts, writes Max Bower.

The Asian M&A market is heating up, providing loans bankers with some welcome relief following a relatively quiet first half. Promising opportunities from the potential spin-off of Hutchison Global Communications (HGC) and the sale of Singapore’s Global Logistic Properties have set the stage for more activity. Shruti Chaturvedi reports.

Multi-billion-dollar exchange plus new money offerings from China Evergrande and Kaisa Group took centre stage in Asia DCM this week, keeping liability management as the market's hot topic. The deals are considered a win-win for issuers, which can lock in relatively cheap funding, and for investors, which are compensated by an exchange premium, while also allowing Chinese borrowers to pre-empt regulatory hurdles, writes Addison Gong.

Kaisa Group Holdings, the only Chinese developer to default on offshore debt back in 2015, started taking bids on Thursday for the new issuance portion of an exchange offer. Four sets of fixed rate notes will be sold to replace the company’s outstanding variable rate senior bonds.

Property names China Jinmao Holdings Group and Shimao Property Holdings, along with India’s Adani Ports and Special Economic Zone, launched new dollar deals on Thursday.