Loans and High Yield

ICG has agreed to buy PAI Partners’ controlling stake in DomusVi, following a string of acquisitions at the nursing home operator.

Michigan’s Superior Industries International met a hesitant European high yield bond market on Monday, as it began offering its debut bond to fund its acquisition of German peer Uniwheels.

Korean Air Lines (KAL) has become the first high yield issuer from the country to sell an international bond in nearly four years. Its $300m inaugural standalone deal is also evidence of Chinese banks slowly gaining clout in the region, with BOC International (BOCI) becoming the first Chinese firm to lead a Korean offering on a sole basis. Addison Gong reports.

Chinese property developers are increasingly looking at 364 day bonds as a way to sidestep approval delays from the National Development and Reform Commission, after Fantasia Holdings Group Co sold a $350m public note this week. Short-term bonds offer a quick fix for borrowers, but there are concerns over whether this is sustainable in the longer run, writes Addison Gong.

A recent flurry of loans from southeast Asia has raised hopes of a stronger third quarter for deal volume following a dismal first half, with borrowers from the consumer sector and FIGs expected to seek financing. While the uptick is more than welcome, a couple of big ticket acquisition-related trades will be necessary to move the needle, writes Shruti Chaturvedi.

Optoelectronic display manufacturer Tunghsu Group Co wrapped up its inaugural offshore deal on Wednesday, finding support from domestic and international accounts, despite operating in a relatively unfamiliar industry.

Stada has extended the deadline for acceptance of Bain Capital and Cinven’s €4.1bn takeover offer by two weeks and lowered the acceptance threshold from 75% to 67.5% of all outstanding shares for the deal.

Indian lender IndusInd Bank is planning to roll out a $300m syndication with four mandated lead arrangers and bookrunners next week.

Chinese high yield company Hilong Holding has mandated banks for a dollar bond.

Liberty Global’s UPC Holding locked in a coupon of below 4% for a 12 year bond, the longest maturity for a new deal in the European high yield market so far this year.

Corporate bond investors have a bevy of macroeconomic events on their radar screens, with elections and the European Central Bank meeting, but the large piles of cash in their pockets are expected to smooth over any cracks that might appear in the so far solid new issue market.

South Africa's Sibanye Gold has mandated banks for a $1bn bond offering which will be used to refinance part of a bridge loan used to acquire Stillwater Mining Company.